The Real Reason Why The Housing Crisis Is Only Going To Get Much WORSE

Short-term rental property investors and corporations like AirBnB are trying their hardest to push out regular renters and gobble up as many properties as possible to boost profits and squash competition. Popular tourist spots like New York City and Joshua Tree, California have been hit the hardest by this new housing trend.

“The fever isn’t breaking. There are now bidding wars for one in every five Manhattan rental apartments (and one in three luxury units), according to the most recent Douglas Elliman report. Inventory in all of Manhattan, Brooklyn, and northwest Queens has been hovering well below 10,000 units — as of April, the number was just 7,669. Which is several thousand less than the number of entire-apartment and entire-home Airbnb rentals available in New York City right now: 10,572, according to AirDNA, a third-party site that tracks short-term rentals. Inside Airbnb, another site that scrapes Airbnb for listings data, puts the number even higher, at 20,397. Ever since Airbnb came on the scene in 2008, there have been concerns that the short-term-rental company would deplete the housing stock by sucking up available rooms, causing prices to rise in cities like New York and San Francisco, where there were already severe housing shortages. The absolute number of available apartments and houses on the site peaked before the pandemic and has since dropped back, according to both Inside Airbnb and AirDNA. But there’s a difference now: There are just so few apartments to be had that Airbnbs make up the majority of the city’s available rentals.”

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