Short-term rentals are partly to blame for the shortage of homes on the market, a Federal Reserve president said.
“Airbnb ABNB recently announced that Ocean City, New Jersey, was its most booked American destination. ,” he added. “It’s the cutest little family home. … and all these people are gonna have to deal with an Airbnb in a neighborhood where like families have lived for a really long time,” she said. “It just seems like it’s kind of destroying the housing market.”
Other solutions to boost housing supply Jenny Schuetz, a senior fellow in Brookings Metro and author of the new book, “Fixer-Upper: How to Repair America’s Broken Housing Systems,” said that Harker’s assessment of short-term rentals seizing market share from potential homeowners was “ambivalent.”
Agreed. We have rentals and use ABnB.
It’s a free market here. Airbnb or whomever, it’s doesn’t matter. God Bless America.
Short Term rental buyers were the No Income No Asset replacement customer. Those homes will come back on the market at fire sale prices.