this post was submitted on 08 Sep 2023
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The End of Airbnb in New York (www.wired.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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The End of Airbnb in New York::Thousands of Airbnbs and other short-term rentals are expected to disappear from rental platforms as New York City begins enforcing tight restrictions.

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[–] LufyCZ@lemmy.world 18 points 1 year ago (1 children)

Isn't this quite a major event? More empty homes -> more places to choose from -> more competition -> lower prices

[–] Changetheview@lemmy.world 22 points 1 year ago* (last edited 1 year ago)

Huge. The short term rental housing boom is unlike almost anything we’ve seen before. Estimates put short term rentals as about 20% of the global real estate market.

If that demand drops rapidly, it will mark a major shift. 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.