Drudge Retort: The Other Side of the News
Monday, February 17, 2020

The number of Airbnb listings in London has quadrupled in the last four years as more and more of the city's housing stock has been gobbled up by short-term rental companies.

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This article is a very good read and illustrative of the issues. Investors buying the housing of everyday people and turning them into short term rentals where housing is already in short supply and prices are astronomical. These places need to get more serious about housing and the impact of companies like Airbnb.

#1 | Posted by GalaxiePete at 2020-02-17 12:13 PM | Reply | Newsworthy 1

They have dried up the supply of rental housing in southern california mountain and seaside areas. Turned those places from stable residential communities to resorts populated by weekenders and party animals.

#2 | Posted by nullifidian at 2020-02-17 12:37 PM | Reply | Newsworthy 1

Same thing happening in Manhattan and Brooklyn.

#3 | Posted by Hagbard_Celine at 2020-02-17 12:43 PM | Reply | Newsworthy 1

Something like 60% of rentals here in Pacific Beach are AirBnB.

"They have dried up the supply of rental housing in southern california mountain and seaside areas."

Thanks, Capitalism!

#4 | Posted by snoofy at 2020-02-17 12:44 PM | Reply

I always use AirBnB in Europe. It's much cheaper than hotels and almost always the digs are more spacious and homey. I've always been surprised how they leave their nick-nacks and such on the shelves, nice kitchen appliances, etc. I've not stayed at one in London, though.

#5 | Posted by goatman at 2020-02-17 12:48 PM | Reply

"Something like 60% of rentals here in Pacific Beach are AirBnB."

Yes, thank you capitalism, indeed.

My sister and her husband in Nashville converted the upper floor of their home to an Airbnb. It has two bedrooms, private bathroom, large kitchen, den, and of course fully furnished. They debated doing that or outright renting it. They figured they could make twice the money for half the occupancy time, plus no nagging renters about every little thing. They have been doing it for a year now and investing the money back into their home (upstairs and downstairs)

I'm considering turning one of my bedrooms into an Airbnb to bring in a few extra bucks.

Go capitalism!

#6 | Posted by goatman at 2020-02-17 12:54 PM | Reply

"They figured they could make twice the money for half the occupancy time, plus no nagging renters about every little thing."

Exactly.
I mean, that's a no-brainer.
Why put up with roommates who think they're entitled to the place... because they are entitled to the place since they signed a lease?
You can make the same money with weekend tourists and a couple hours of work changing the sheets and cleaning the place up.
Screw the nagging renters, tourists are where it's at!

The number of vacant housing units here in San Diego is about 10x the number of homeless people here in San Diego.
Thanks, Capitalism!

#7 | Posted by snoofy at 2020-02-17 01:29 PM | Reply

"The number of vacant housing units here in San Diego is about 10x the number of homeless people here in San Diego.
Thanks, Capitalism!

#7 | POSTED BY SNOOFY "

Or it could be the governor and municipalities declaring their respective jurisdictions sanctuaries attracting illegals and legal indigents who can't afford housing.

Thanks, big government.

#8 | Posted by goatman at 2020-02-17 02:45 PM | Reply

#8 | POSTED BY GOATMAN

Your post doesn't actually address the post you're responding to.

But.

Perhaps you didn't mean for it to.

Who knows.

#9 | Posted by ClownShack at 2020-02-17 03:07 PM | Reply

#6 | Posted by goatman

See that I have no issue with and that is how this started. Actually kind of as an offshoot of Couch Surfing. But to have all these places just sucked up for short term rentals does no good for anything but tourism.

#10 | Posted by GalaxiePete at 2020-02-17 04:41 PM | Reply

#5 | Posted by goatman

I found the prices are very similar. The issue is you don't know what you are actually getting with an Airbnb especially if you don't know the area.

#11 | Posted by GalaxiePete at 2020-02-17 04:43 PM | Reply

"I found the prices are very similar. The issue is you don't know what you are actually getting with an Airbnb especially if you don't know the area.

#11 | POSTED BY GALAXIEPETE"

This is true and a valid point. However, my sister with whom I travel a lot is a wizard and finding good places for cheap. She just has this knack, and is willing to do some research as well. So there's that..

The best deal ever was three years ago. She got us a place literally a stone's throw from and in the morning shadow of the Roman aqueduct in Segovia, Spain. It had two balconies from which you could see the aqueduct, and from one, the Plaza Mayor as well. Two bathrooms, three bedrooms, beautifully furnished and well stocked -- including a bar. E65! (about $82 then) It and Segovia were so nice we stayed an extra three days. That is where we spent Christmas. I don't know how she does it, but she does. We have gotten sub-standard (for our money/expectations) places maybe only twice. So yeah, caveat emptor.

#12 | Posted by goatman at 2020-02-17 05:18 PM | Reply

Aint capitalism grand?!

#13 | Posted by BruceBanner at 2020-02-17 05:43 PM | Reply

Airbnb: The breeze coming through the vents of a tent on the sidewalk in downtown LA.

#14 | Posted by LesWit at 2020-02-17 06:27 PM | Reply

They figured they could make twice the money for half the occupancy time, plus no nagging renters about every little thing.

And government regulations ...

Just spent long weekend in SLO at a cute little AirBnb cottage downtown ..

Wonderful!


Aint capitalism grand?!
#13 | POSTED BY BRUCEBANNER

You betcha!

#15 | Posted by AndreaMackris at 2020-02-18 01:25 AM | Reply

The issue is you don't know what you are actually getting with an Airbnb especially if you don't know the area.
#11 | POSTED BY GALAXIEPETE

I use it twice a year for little vaca's around the country, never had an issue, you need to investigate more than the ad for sure.

#16 | Posted by AndreaMackris at 2020-02-18 01:26 AM | Reply

Yea, who needs pesky regulations. Why not just turn any neighborhood into a hotel district?
I think I'll start AirJunkyard. Have unwanted garbage? Just store it wherever they'll take your money.

#17 | Posted by TFDNihilist at 2020-02-18 04:38 AM | Reply

This might be a good test bed for implementing techniques intended to mitigate the excesses of capitalism.

Perhaps the towns and cities most damaged by the taking of traditional rental units out of the housing pool could counter by imposing fees on short term rentals.

The airbb craze is imposing some real costs on communities. It seems only fair that the owners of short term rentals be expected to return some of their profits to their communities.

#18 | Posted by contrecoup at 2020-02-18 01:47 PM | Reply

"Perhaps the towns and cities most damaged by the taking of traditional rental units out of the housing pool could counter by imposing fees on short term rentals."

How are you going to identify who those people are?

#19 | Posted by Hagbard_Celine at 2020-02-18 01:50 PM | Reply

"How are you going to identify who those people are?"

Tax records? Apprasals? Some old-fashoned investigating? Monitoring www.airbnb.com and its copycats?

I admit to not being entirely comfortable with this, but we're seeing real damage being done to some communities. I am most familiar with mountain resort communities in the west, but the problem is everywhere.

#20 | Posted by contrecoup at 2020-02-18 01:58 PM | Reply

Or it could be the governor and municipalities declaring their respective jurisdictions sanctuaries attracting illegals and legal indigents who can't afford housing.

Thanks, big government.

#8 | Posted by goatman

No, it is simple capitalism. Short term rentals are hot in many markets that have a large tourist base. The fact is when you can easily make 3-4 times what you would make on a long term rental. If you do it right even more. That equates to driving up prices for all. If you think about it someone paying a mortgage is going to pay less than someone renting in general for the property.

If people with cash or means find they can pay double the price and still make double the money it is going to drive the price of housing through the roof in these areas. There are of course diminishing returns obviously and there comes a point even short term rental income doesn't makes sense to invest in the property. I think most of these markets are at a point that if the local government shut down short term rentals there would be a price implosion.

I frankly hate the craze. If you are going to rent a part of your property out - okay, it's a great way to make money. If everyone is gobbling up properties simply to rent them that is simply ruining communities and working against the good of society. This is why there are hotels...

#21 | Posted by GalaxiePete at 2020-02-18 03:15 PM | Reply

Or it could be the governor and municipalities declaring their respective jurisdictions sanctuaries attracting illegals and legal indigents who can't afford housing.
Thanks, big government.
#8 | POSTED BYGOATMAN

Nope.
It's not that.
How would that even result in 10x more vacant housing units than homeless people?
Illegals are constructing a housing boom in San Diego, I guess...

Stay in school, kids!

#22 | Posted by snoofy at 2020-02-18 03:19 PM | Reply

I use it twice a year for little vaca's around the country, never had an issue, you need to investigate more than the ad for sure.

#16 | Posted by AndreaMackris

Exactly. We mostly don't vacation in the states anymore. In Europe and arguably here in the States it is not so easy if you don't know the area. Some friends landed in one in Barcelona I would have thought was reasonable and it had good reviews but the area turned out to be less than desirable due to the locals. We looked at one in Lisbon that seemed ideal - until you realized you were basically going to have to go a half mile out of the way whenever you wanted to walk into the historical part of town.

#23 | Posted by GalaxiePete at 2020-02-18 03:24 PM | Reply

I use it twice a year for little vaca's around the country, never had an issue, you need to investigate more than the ad for sure.

#16 | Posted by AndreaMackris

Exactly. We mostly don't vacation in the states anymore. In Europe and arguably here in the States it is not so easy if you don't know the area. Some friends landed in one in Barcelona I would have thought was reasonable and it had good reviews but the area turned out to be less than desirable due to the locals. We looked at one in Lisbon that seemed ideal - until you realized you were basically going to have to go a half mile out of the way whenever you wanted to walk into the historical part of town.

#24 | Posted by GalaxiePete at 2020-02-18 03:24 PM | Reply

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