61–70 of 161 posts
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How do you arrive at $68/mo? 8.5 million people live in NYC. 2/3 rent. My math puts that at $109/ year .
My goodness, how could I have been so far off the mark? Then my point is even stronger: this doesn't matter !
'Airbnb Inc. disputed the study’s findings, calling them “wrong on the facts” and containing “substantive issues with the methodology.”' Did Airbnb publish what these wrong facts and substantive issues are?
Earlier quoted context omitted.
My goodness, how could I have been so far off the mark? Then my point is even stronger: this doesn't matter !
Please elaborate on how being off by a factor of 7x makes your point even stronger.
'Airbnb Inc. disputed the study’s findings, calling them “wrong on the facts” and containing “substantive issues with the methodology.”' Did Airbnb publish what these wrong facts and substantive issues are?
The odd thing is that AirBnB’s entire value proposition to hosts is that it increases realizable income from the property they control and make available through AirBnB; if true, especially in the presence of supply constraints, this has to increase market clearing prices. They are in a position where what they need hosts to believe is directly at odds with what they want policymakers (including people voting directl…
AirBnB arguably increases supply of people in beds through more efficient utilization.
Earlier quoted context omitted.
The odd thing is that AirBnB’s entire value proposition to hosts is that it increases realizable income from the property they control and make available through AirBnB; if true, especially in the presence of supply constraints, this has to increase market clearing prices. They are in a position where what they need hosts to believe is directly at odds with what they want policymakers (including people voting directl…
The spin is preposterous. They should just say that that's a natural outcome of better real estate utilization and that the city needs to figure out how to build more affordable housing.
If a few thousand airbnb units cost renters that much money, imagine how much renters would save if more and taller buildings were allowed to be built!
11+ super-talls (300m+) and 40+ talls (150m+) are under construction at the moment, and more than that has been completed in just the last few years. Massive amounts of rental units and co-ops are coming online in UWS (Riverside Center), Hudson Yards in Mid-Town etc [1]. And prices have come noticeably down as a result, you can also get more concessions than ever. I just recently received 3.5 months free on a 14 month contract in a brand new building.
[1] https://ny.curbed.com/maps/nyc-new-development-hudson-yards-...
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Residents are not renters. The number of renters in NYC was evidently around 5.4 million in 2016. Even so, not every renter is a separate rental unit; dividing the figure by the number of rental units would be more useful since it would indicate the impact on the price of rent.
Do you think there are a substantial number of property owners? https://www.citylab.com/equity/2015/06/new-york-is-a-city-of... https://www1.nyc.gov/site/planning/data-maps/nyc-population/... > Approximately two-thirds of dwelling units in New York are renter-occupied, over twice the national average. Ok, not insignificant, but the order of magnitude is roughly correct. I'll update the computed figure.
The denominator has to be the number of rental dwellings; then we have a better idea what the impact is on rental prices, on average. Still, it must be dependent on area, and the size of the place and rent amount. Not everyone pays some sort of "flat AirBNB tax" across the board.
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I doubt these factors are statistically independent -- the most popular neighborhoods for tourists and yuppies have always seen prices grow faster relative to the overall metro, and more popular/high-growth/expensive neighborhoods will naturally attract more Airbnb hosts to take advantage of their location. In any case, assuming people travel the same amount, it is zero-sum (Airbnb saved NYC visitors 616 million doll…
Don't 'limit' tourism but yes, don't allow tourists to get price breaks at the expense of residents that rent in a city. As it stands property owners and tourists are coming out on top. Property owners can now easily make more money renting short term than long term, this raises property prices (because, hey, i can buy that house and make a bunch of money renting it on AirBnB) while also reducing the rental housing s…
Earlier quoted context omitted.
The odd thing is that AirBnB’s entire value proposition to hosts is that it increases realizable income from the property they control and make available through AirBnB; if true, especially in the presence of supply constraints, this has to increase market clearing prices. They are in a position where what they need hosts to believe is directly at odds with what they want policymakers (including people voting directl…
>if true, especially in the presence of supply constraints, this has to increase market clearing prices. AirBnB arguably increases supply of people in beds through more efficient utilization.
That's not supply (which is a measure of what is on offer to be sold), it's market clearing quantity. And, yes, AirBnB increases the supply and market clearing quantity (and decreases average price) of short-term occupancy by transferring units already purchased or rented in the long-term market to be rented the short-term market (which drives up demand and market clearing price in the long-term market.)