|
Well, this is the angle that airbnb likes to push, that people are renting out a "spare" bedroom that wouldn't otherwise be used, or are renting out their place while they're on vacation. In other words, there is no displacement, there is just efficiency. Unfortunately, it doesn't seem to be working out that way - housing that was used for permanent residence is now getting converted into airbnb rentals. People are now acquiring properties in order to have a "spare room" - ands those "spare rooms" would absolutely be occupied by a long term resident if they were not being used as short term hotel-like rentals. For instance, people are now using the anticipated income from a spare kid's bedroom to outbid a person who would have otherwise used that bedroom for, well, a kid. Kids cost a bundle, and they don't pay anything like a well heeled tourists for the right to occupy their bedrooms. In a place like SF, where everything goes to a bidding war, a family with the extra costs of kids has very little hope going up against an investor who plans to convert the house into a hotel. BTW, I absolutely agree that some of this really is efficiency (spare rooms, people on vacation). But at this point, I think it's pretty clear that airbnb is driving displacement and conversion on a large scale. It is immensely reasonable (yes, in my opinion) for cities to pass laws that ensure a proper mix of housing, including housing for families with children. These laws are not obsolete just because someone wrote a Rails app where you can type in an address and click a "Create Hotel" button. I overwhelmingly agree that SF needs to build more, but I don't think this basic reality will change. SF's population of children has plummeted in my lifetime, from about 22% to below 14% now. Airbnb is hardly the only factor, but I believe it is making the problem worse. |
To your complaint about people factoring in future rental income - what about people betting on future price increases like during the housing bubble? Should people not do math?
As to your last stat, maybe kids just grow up and then more adults moved in to work in tech - would that explain the pct drop or are you blaming airbnb?