Earlier quoted context omitted.
I've been wanting to buy nice furniture for a very long time... unfortunately the housing crisis has prevented my from ever having a sense of permanence. If I had known I'd live in my last place for nearly a decade I would have purchased nice things, but as it stands, until I have a mortgage of my own, I refuse to spend good money on something I may need to replace next year.
I'm glad I'm not the only one. The buying up of precious housing as investments by non-residents should mostly be banned, starting with institutional and overseas investors. AirBnb should also be banned. And the people who profited off that startup, who must've known they were creating illegal hotels and destroying rental markets, should be hit with devastating fines, maybe also imprisoned.
It’s the get-rich-quick types who decided to be professional Airbnb landlords. Short term leases make no sense at all to anyone actual invested in rental properties, without something like Airbnb to back it. A long term tenant who pays on time should be the dream of every landlord, but with all the Airbnbs, it’s not even considered.
I don’t know if this is the fault of the early investors, but I’m all for pulling the rug out from under the the people who own dozens of properties for the sole purpose of doing Airbnb. They are likely extremely leveraged, due to the low interest rates from years past, so they’d be screwed and be forced to sell fast.
I agree on the international investors as well. Priority should always go to people who will actual live in a place. All those multi-million dollar places in NYC that sit vacant are a horrible. What’s the point of housing if no one is there to live in it.