this post was submitted on 08 Sep 2023
553 points (98.8% liked)

Technology

59446 readers
3750 users here now

This is a most excellent place for technology news and articles.

Our Rules

  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago
MODERATORS
L3s@lemmy.world
L3s@fry.gs
L4s@fry.gs
L4s@lemmy.world
enu@lemmy.world
553
The End of Airbnb in New York (www.wired.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
72 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] Changetheview@lemmy.world 24 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.