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The US needs to build 2 million houses to revive the American dream of homeownership
(www.businessinsider.com)
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this post was submitted on 19 Jun 2024
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airbnb itself is not the whole problem. But its important to recognize it changed markets worldwide by pitting the luxury hotel market in direct competition with housing
so the problem is more that the internet has caused a rich market to overflow into housing - you have to also consider people are going on work trips and getting reimbursed for staying at an airbnb etc. Wedding parties as well seem to prefer airbnbs. The result is a worldwide catastrophe for residential housing.
But its very simple: A high demand, luxury market overflows into residential housing. The obvious result is residential prices skyrocket with demand.
Did Airbnb cause this? not entirely, they're just the best at it. Addressing Blackstone will help by removing some of the cash competing for residential housing, but it won't solve the problem entirely until like wedding parties and vacationers go back to using hotels and companies are no longer able to reimburse people for airbnb stays. You have to address the excess demand from the market spillover that airbnb has made its profits on. Otherwise you're just ignoring one of the primary reasons Blackstone entered the market - there are lots of individuals doing the same thing as Blackstone on a smaller scale here