I priced out an air bnb versus one of the nicer extended stay places. The ones that are larger and nicer than the apartments I have lived in.
Guess what came in at 1/3 less cost, had maid service, and a free breakfast.
I am all for banning Air BNB flat out unless the owner is living in the building. I am okay with a person buying a house and then renting out rooms or converting a basement to an apartment to lend out. It doesn’t remove available housing inventory from market to sit empty most of the year.
I am all for banning Air BNB flat out unless the owner is living in the building. I am okay with a person buying a house and then renting out rooms or converting a basement to an apartment to lend out. It doesn’t remove available housing inventory from market to sit empty most of the year.
That’s where I stand. Also helps a young person afford a home by renting a room.
I’ve been watching the Oregon coast. I’ve seen a lot of air bnb for sale. Seems like the market is dropping on them.
While I do agree with your point, individuals aren’t buying hundreds or thousands of properties. It’s corporations buying up a limited resource that are driving up the prices, not I-own-three-houses landlords.
An individual landlord isn’t buying hundreds of properties, but hundreds of individual landlords (all saying “it’s not my fault, I only own three houses!”) are buying hundreds of properties.
Even if each individual landlord is a good person who’s going to heaven, they still make the housing market worse for everyone else. Their interests are directly opposed to working class people.
There is demand for houses for rent by private landlords. Many people don’t want to rent in a multi unit from a large company, especially in lower income areas. Buying isn’t really a good option short term, especially in lower income areas, as houses don’t appreciate in those areas as much as in higher cost of living areas. If you’re planning on living somewhere for only a few years, then it doesn’t make sense to buy a house.
In the current system, what you’re saying is true. However, if we think of a system where each person can only own one or two houses by law, and houses are therefore much cheaper, buying for a short time wouldn’t be as bad. Potentially there could be a couple of houses owned by each city council to rent out in the short term for people who don’t want to buy.
If we want to be radical (which I do), make housing a right and guarantee it for every citizen. Abolish capitalism and the profit motive for owning multiple houses. Whole system’s fucked as it is right now.
You will still have costs associated with owning a house such as maintenance and repairs. If you buy a house and then have to put a roof/furnace/ major repair then you lost money if you only own the house for a few years.
I had a new furnace put in last year and the cost was less than a month’s rent. Granted, I “knew a guy” but still, the quotes I got from others were two months of rent or less and you’re not going to replace a furnace every year or anything close to that. I’m not renting btw, this was for my own house. I don’t like the idea of being a landlord.
Rent is $3000 a month around here. Mortgages aren’t a fair comparison since there are many factors in reducing that monthly payment. One problem I’ve heard of is people being denied on their mortgage application because they supposedly don’t make enough or have good enough credit so they’re stuck making much more expensive rent payments instead. Check out the rental market near you, it’s likely more expensive than your mortgage payment.
Again, I agree with you in the current system - assuming you have a landlord who upholds their end of the bargain and does maintenance. In my ideal world though, you’d just hit up your neighbours and they’d help you fix the problem because they know you’ll be there for them when they need it and because money is obsolete.
But setting policies to help renters in need without hurting landlords is complicated. Landlords aren’t a homogenous group of faceless corporations. In fact, fewer than one-fifth of rental properties are owned by for-profit businesses of any kind. Most rental properties – about seven-in-ten – are owned by individuals, who typically own just one or two properties, according to 2018 census data. And landlords have complained about being unable to meet their obligations, such as mortgage payments, property taxes and repair bills, because of a falloff in rent payments.
I’m not disagreeing, but 2018 census data may not be relevant anymore. There has been an absolute feeding frenzy since the lockdown. The landscape has definitely changed.
Outdated data is irrelevant. 2018 was before the housing shortage, before wealthy hedge funds started buying up real estate en masse, before real estate corps employed AI to buy real estate, before airbnbs became egregious to the point of legislation like above.
Quality and relevancy of data is important. You would roll your eyes at anyone citing 1920s census figures. Yes, that’s a dramatic exaggeration, but it makes the point.
A lot has changed in real estate in the last 5 years. That’s the entire basis of the housing crisis discussion as a whole.
Quality and relevancy of data is important. You would roll your eyes at anyone citing 1920s census figures. Yes, that’s a dramatic exaggeration, but it makes the point…A lot has changed in real estate in the last 5 years.
I work in a highly paid industry and during the 2010-2015, nearly everybody was investing in real estate. Most of the lunchroom talks were about finding properties, showing off our house investments, and speculating if an area would boom. There were startups catered to folks like us to just give them money and they’ll handle the cleaning and maintenance.
Then we got distracted by Bitcoin and all other weird things.
It’s not just companies. Individuals are also chain buying places. Establish income from airbnb, leverage for their next purchase.
My real estate agent was buying his 3rd airbnb while I was looking 2 years ago. Dude was in his late 20s.
I’m hoping the house of cards comes crumbling down. Been dealing with housing insecurity as my landlord terminated our lease.
I’ve seen on Airbnb people who own 50+ properties.
I used air bnb and fees times and found it more expensive and a hassle compared to a hotel.
250 dollar cleaning fee but you want me to take out all the trash, was the sheets, sweep, mop etc. no thank you
I priced out an air bnb versus one of the nicer extended stay places. The ones that are larger and nicer than the apartments I have lived in.
Guess what came in at 1/3 less cost, had maid service, and a free breakfast.
I am all for banning Air BNB flat out unless the owner is living in the building. I am okay with a person buying a house and then renting out rooms or converting a basement to an apartment to lend out. It doesn’t remove available housing inventory from market to sit empty most of the year.
That’s where I stand. Also helps a young person afford a home by renting a room.
I’ve been watching the Oregon coast. I’ve seen a lot of air bnb for sale. Seems like the market is dropping on them.
While I do agree with your point, individuals aren’t buying hundreds or thousands of properties. It’s corporations buying up a limited resource that are driving up the prices, not I-own-three-houses landlords.
Nah, I’m gonna go ahead and still be mad at both despite them being different degrees of bullshit. Thanks.
What about two houses? That you plan to pass on to your children?
An individual landlord isn’t buying hundreds of properties, but hundreds of individual landlords (all saying “it’s not my fault, I only own three houses!”) are buying hundreds of properties.
Even if each individual landlord is a good person who’s going to heaven, they still make the housing market worse for everyone else. Their interests are directly opposed to working class people.
There is demand for houses for rent by private landlords. Many people don’t want to rent in a multi unit from a large company, especially in lower income areas. Buying isn’t really a good option short term, especially in lower income areas, as houses don’t appreciate in those areas as much as in higher cost of living areas. If you’re planning on living somewhere for only a few years, then it doesn’t make sense to buy a house.
In the current system, what you’re saying is true. However, if we think of a system where each person can only own one or two houses by law, and houses are therefore much cheaper, buying for a short time wouldn’t be as bad. Potentially there could be a couple of houses owned by each city council to rent out in the short term for people who don’t want to buy.
If we want to be radical (which I do), make housing a right and guarantee it for every citizen. Abolish capitalism and the profit motive for owning multiple houses. Whole system’s fucked as it is right now.
You will still have costs associated with owning a house such as maintenance and repairs. If you buy a house and then have to put a roof/furnace/ major repair then you lost money if you only own the house for a few years.
I had a new furnace put in last year and the cost was less than a month’s rent. Granted, I “knew a guy” but still, the quotes I got from others were two months of rent or less and you’re not going to replace a furnace every year or anything close to that. I’m not renting btw, this was for my own house. I don’t like the idea of being a landlord.
Damn, much is rent near you? My mortgage is only $1k/mo including taxes and insurance.
Rent is $3000 a month around here. Mortgages aren’t a fair comparison since there are many factors in reducing that monthly payment. One problem I’ve heard of is people being denied on their mortgage application because they supposedly don’t make enough or have good enough credit so they’re stuck making much more expensive rent payments instead. Check out the rental market near you, it’s likely more expensive than your mortgage payment.
Again, I agree with you in the current system - assuming you have a landlord who upholds their end of the bargain and does maintenance. In my ideal world though, you’d just hit up your neighbours and they’d help you fix the problem because they know you’ll be there for them when they need it and because money is obsolete.
Removed by mod
https://www.pewresearch.org/short-reads/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/
I’m not disagreeing, but 2018 census data may not be relevant anymore. There has been an absolute feeding frenzy since the lockdown. The landscape has definitely changed.
I prefer data over conjecture.
Outdated data is irrelevant. 2018 was before the housing shortage, before wealthy hedge funds started buying up real estate en masse, before real estate corps employed AI to buy real estate, before airbnbs became egregious to the point of legislation like above.
Quality and relevancy of data is important. You would roll your eyes at anyone citing 1920s census figures. Yes, that’s a dramatic exaggeration, but it makes the point.
A lot has changed in real estate in the last 5 years. That’s the entire basis of the housing crisis discussion as a whole.
… Unlike every other housing bubble both local or worldwide that happens every 15 years or so?
https://en.m.wikipedia.org/wiki/Real-estate_bubble
E:
… Wow.
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I remember this scene in The Big Short. Steve Carell goes to a strip club.
“There’s a bubble! It’s time to call bullshit.”
“Bullshit on what?”
“Every fucking thing.”
Absolutely true.
I work in a highly paid industry and during the 2010-2015, nearly everybody was investing in real estate. Most of the lunchroom talks were about finding properties, showing off our house investments, and speculating if an area would boom. There were startups catered to folks like us to just give them money and they’ll handle the cleaning and maintenance.
Then we got distracted by Bitcoin and all other weird things.