Rocket Mortgage to trim 8% of workforce as home-loan market shrinks

Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by jimbob45 on Thursday April 28, 2022 @04:08AM (#31189934)

Think about a hypothetical city where 100% of the properties are AirBNBs. There will be no source of employees for any local businesses because there are no long-term residents. There is no vested interest to improve the city via taxes and volunteerism, because no one truly lives there. No one will move to that city because the property rates are so absurdly inflated thanks to AirBNB rates.

It’s an absurd example but cities frequently see these effects when they let AirBNB and rental properties run wild.

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Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by itsmejerry on Thursday April 28, 2022 @01:36PM (#31195529)

Other than perhaps zoning restrictions, how does this differ from traditional hotels/motels in extreme tourist areas, like Niagara Falls. If people don't want to live permanently in a city for whatever reason, of course the city will suffer.

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Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by jimbob45 on Thursday April 28, 2022 @01:47PM (#31195699)

Hotels/motels are dense enough that they don't take usable land away from residential housing while still allowing for short-term residents to enjoy the city.

However, AirBNBs and rental houses suck away the usable land such that you begin to meaningfully remove potential long-term residents from the city. The flipside of this, of course, would be apartments/duplexes, which would add more long-term residents than single-family zoning would allow, even with the problem of AirBNB proliferation.

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Re:Rocket Mortgage to trim 8% of workforce as home-loan mark... by dominotw on Thursday April 28, 2022 @12:21PM (#31194479)

this is basically all mountain towns now.

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