Comment on The End of Airbnb in New York
LufyCZ@lemmy.world 9 months agoIsn’t this quite a major event? More empty homes -> more places to choose from -> more competition -> lower prices
Comment on The End of Airbnb in New York
LufyCZ@lemmy.world 9 months agoIsn’t this quite a major event? More empty homes -> more places to choose from -> more competition -> lower prices
Changetheview@lemmy.world 9 months ago
Huge. The short term rental housing boom is unlike almost anything we’ve seen before. Estimated put short term rentals as about 20% of the global real estate market.
If that demand drops rapidly, it will mark a major shift in real estate. Tons of buyers and capital will be wiped off the table.
I agree with the usual perspective that housing prices almost always rise over time. But this is an unprecedented event in scale, and if reversed, it will have unprecedented ramifications.