The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
There are quite literally millions of properties in the US removed from the housing market entirely in the form of short-term rentals. Can’t buy them, can’t get a lease as a tenant. It’s definitely adding to supply issues, and there’s a chance it craters property values if there’s a recession because people will vacation less and then the ‘gig’ property is no longer a gig but either a huge pile of money doing nothing or mortgage causing huge losses
I agree, I just rattled off about the cause and effect in the eyes of the mom & pop places, and the mom & pop folks might become victims if they’re late to the party and some shit does hit the fan which causes bigger names to start unloading entire portfolios of properties. But what can someone even do in that scenario, if they bought a property to host 6 months ago and suddenly there is a deluge of houses on the market and no one is renting their place? They practically have to dump it or short sell and eat the losses
Yup. This shit needs to be illegal nationwide. They literally encourage vacancies in order to keep pricing going upward and coordinate pricing in order to keep profits maximized. It’s gross and these fucks should be vilified.
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There are quite literally millions of properties in the US removed from the housing market entirely in the form of short-term rentals. Can’t buy them, can’t get a lease as a tenant. It’s definitely adding to supply issues, and there’s a chance it craters property values if there’s a recession because people will vacation less and then the ‘gig’ property is no longer a gig but either a huge pile of money doing nothing or mortgage causing huge losses
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I agree, I just rattled off about the cause and effect in the eyes of the mom & pop places, and the mom & pop folks might become victims if they’re late to the party and some shit does hit the fan which causes bigger names to start unloading entire portfolios of properties. But what can someone even do in that scenario, if they bought a property to host 6 months ago and suddenly there is a deluge of houses on the market and no one is renting their place? They practically have to dump it or short sell and eat the losses
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https://www.seattletimes.com/business/real-estate/new-lawsuit-alleges-price-fixing-at-seattle-area-apartment-buildings/
Yup. This shit needs to be illegal nationwide. They literally encourage vacancies in order to keep pricing going upward and coordinate pricing in order to keep profits maximized. It’s gross and these fucks should be vilified.