Post by High Priestess on Mar 29, 2018 15:05:35 GMT
Another look at Airbnb's effect on housing in New Orleans...
thelensnola.org/2018/03/28/affordable-housing-group-says-fears-about-airbnbs-effect-on-new-orleans-housing-have-come-true/
www.theverge.com/2018/3/28/17172946/airbnb-new-orleans-housing-crisis-gentrification-str
For the most part I advocate that cities allow homeowners to do what they want with their own home. But one of the problems I'm seeing with STRs is that a large part of the STR business seems to be real estate companies, not homeowners. If 568 listings are controlled by just 10 hosts, this is a problem. This is something way beyond the homeowner with 1 or 2 properties to rent. I do not support large real estate investors getting into the STR business.
thelensnola.org/2018/03/28/affordable-housing-group-says-fears-about-airbnbs-effect-on-new-orleans-housing-have-come-true/
www.theverge.com/2018/3/28/17172946/airbnb-new-orleans-housing-crisis-gentrification-str
About 18 percent of the people who hold STR licenses or manage them for others control about 45 percent of listings in the city, according to a study released Wednesday by an affordable housing group.
In particular....568 listings were controlled by a mere 10 hosts!! (definitely a real estate investor type situation there!)
And about four out of five listings on Airbnb are for entire homes rather than spare bedrooms, supporting opponents’ arguments that the city’s year-old law encourages property owners to convert houses and apartments into mini-hotels throughout the city.
In particular....568 listings were controlled by a mere 10 hosts!! (definitely a real estate investor type situation there!)
And about four out of five listings on Airbnb are for entire homes rather than spare bedrooms, supporting opponents’ arguments that the city’s year-old law encourages property owners to convert houses and apartments into mini-hotels throughout the city.
In the Seventh Ward, the average rent for a two-bedroom house or apartment is $1,000 per month, according to a 2016 report by the New Orleans Redevelopment Authority. That comes to $32 per night. By contrast, the current nightly rate for an entire home in that area is $202, according to the report. (a nearly 6x higher income rate for the property owner)
It’s not uncommon to see real-estate listings advertise potential short-term rental profits.
It’s not uncommon to see real-estate listings advertise potential short-term rental profits.
The report calls for a sweeping overhaul of the STR law. Among its recommendations:
(1)License-holders must own the property and have a homestead exemption. Current law allows renters to obtain short-term licenses, and there’s no residency requirement.
(2)Each person should be allowed to obtain just one “whole-home” license.
(1)License-holders must own the property and have a homestead exemption. Current law allows renters to obtain short-term licenses, and there’s no residency requirement.
(2)Each person should be allowed to obtain just one “whole-home” license.
For the most part I advocate that cities allow homeowners to do what they want with their own home. But one of the problems I'm seeing with STRs is that a large part of the STR business seems to be real estate companies, not homeowners. If 568 listings are controlled by just 10 hosts, this is a problem. This is something way beyond the homeowner with 1 or 2 properties to rent. I do not support large real estate investors getting into the STR business.