Airbnb, R.I.P.

[WyattEarp]

Additionally, what you will also see is that more Toronto condo owners will pull units off of Airbnb and migrate them over to long term rental market.

Give it a year or so until the worldwide economy rebounds and travel to Toronto increases. You will see condo owners jumping back into the Airbnb market real fast.

In many U.S. cities, the long term rental market has slowed down. Much commerce is at a standstill. That means no one is interviewing to hire. People have lost their job or are nervous about losing their job.

Just like the 2009 recession, people will move back home or double up with friends. It has a sharp and noticeable impact on rents and vacancies.

 

[WyattEarp]

There are also benefits to a community from AirBnB. Dynamic neighborhoods can see increased spending on restaurants and bars. It seems as if AirBnB has increased activity in downtown cores that are in many cities vacated on weekends. The theatre and entertainment sector benefits as well.

It saddens me to hear parts of Venice are now almost totally occupied by tourists. On the other hand, I have seen many urban neighborhoods in the U.S. benefit. The Venice dilemma reminds me of when wealthy tech money was gobbling up antebellum homes in Charleston's historic district.

 

[Darts]

Airbnb isn’t dead. It’s a platform

True, they are simply an intermediary. It's a business model that can be easily copied. Look for competitors to emerge.

they are not a bricks and mortar business like the hotel industry. Sure, it’s taking a major beating profits wise right now, but it’s not like Starwood Hotels with over a thousand properties sitting mostly empty.

Wonder if the Trump hotels are taking a hit? Our company is using more and more video conferencing rather than in person meetings. Less travel, less need for hotel rooms, less time wasted in transit, etc.

 

[glamphotographer]

The end of airbnb dawns upon us.

 

[legmann]

It appears that in many urban centers many entrepreneurs have bought condos and furnished them for explicitly renting them out on AirBnB. Some people have bought houses, etc. in tourist areas with the idea that AirBnB would be supplemental income.

And now they are (rightly) fucked.

F*ck AirBnB and those have abused their platform to enrich themselves and in the process to f*cked renters, communities and society.

+1.

 

[WyattEarp]

I think animosity towards AirBnB is causing some to not see the bigger picture. AirBnB is not disappearing just like hotels and airlines won't disappear. The bigger issue is condo prices will drop if they haven't begun to fall already. Some other AirBnB entrepreneurs could come into the market at lower real estate prices.

 

[Anbarandy]

I think animosity towards AirBnB is causing some to not see the bigger picture. AirBnB is not disappearing just like hotels and airlines won't disappear. The bigger issue is condo prices will drop if they haven't begun to fall already. Some other AirBnB entrepreneurs could come into the market at lower real estate prices.

Within the City of Toronto they are ONLY allowed to rent their PRINCIPLE residence for less than 6 months terms. They CANNOT rent any other property that they own for less than six months. It is not that complicated.

What's with this f*cking commoditizing a basic f*cking need bullshit?

The selfish self-interest is astounding. This greed must end.

Hopefully the new short term regulations will be strictly enforced and backed up by the CRA audits.

Let's call these alleged "AirBnB entrepreneurs" for what they really are, VULTURES.

 

[bazokajoe]

F*ck AirBnB and those have abused their platform to enrich themselves and in the process to f*cked renters, communities and society.

New regulations have been put in place in Toronto, yet they were challenged at the LPAT.

Ghost hotel operators, yes that is what they are, LOST. The regulations STAND.

Yet, they filed an appeal in a court of law. They do not want to follow the regulatory framework put in place.

TO MULTIPLE PROPERTY OWNERS: YOU CAN ONLY RENT OUT YOUR PRINCIPLE RESIDENCE, AND NOTHING ELSE FOR LESS THAN SIX MONTHS.

So F*ck you and obey the law.

I think a better solution would be to have the property owners pay a " transient fee/occupancy fee" just like you do at hotels.

 

[bazokajoe]

Within the City of Toronto they are ONLY allowed to rent their PRINCIPLE residence for less than 6 months terms. They CANNOT any other property that they own for less than six months. It is not that complicated.

What's with this f*cking commoditizing a basic f*cking need bullshit?

The selfish self-interest is astounding. This greed must end.

Hopefully the new short term regulations will be strictly enforced and backed up by the CRA audits.

Let's call these alleged "AirBnB entrepreneurs" for what they really are, VULTURES.

I have a question about the AirBnB by-law in Toronto.
I don't live in the GTA so I'm not really familiar with it.
If the owners put the condo/house under a numbered company, does that not make it the numbered companies principle residence? If that's the case, then renting it for less than 6 month terms would be legal?

 

[Smallcock]

Within the City of Toronto they are ONLY allowed to rent their PRINCIPLE residence for less than 6 months terms. They CANNOT any other property that they own for less than six months. It is not that complicated.

What's with this f*cking commoditizing a basic f*cking need bullshit?

The selfish self-interest is astounding. This greed must end.

Hopefully the new short term regulations will be strictly enforced and backed up by the CRA audits.

Let's call these alleged "AirBnB entrepreneurs" for what they really are, VULTURES.

Blame your government for not providing sufficient and affordable housing. If someone buys a property, they should be able to rent it out to whomever they want.

 

[Darts]

Blame your government for not providing sufficient and affordable housing.

I think the City of Toronto provides more subsidized housing than any city in North America with the possible exception of L.A.

If someone buys a property, they should be able to rent it out to whomever they want.

Agree, and get rid of rent control.

 

[wonkyknee]

a lot of Airbnb units across the city are reliant solely on this income. The should be fine if they simply have to defer their mortgage payments, as their single greatest expense, but I don't know how widely all the banks are offering the full 6 month deferral to everyone. Certainly it might add up to $10-20 thousand dollars in increase mortgage based on the deferral, but the long term may not be too rosy either.

 

[WyattEarp]

I think a better solution would be to have the property owners pay a " transient fee/occupancy fee" just like you do at hotels.

That seems reasonable.

Now granted, there are a lot of assholes who stay at AirBnBs. However, there are assholes all over. You're not going to outlaw assholes.

Some of the posts remind me of my liberal friends who think they can regulate everything and shape the world exactly in a manner they envision. These are the people who love all the restaurants, bars and cultural activities in our urban neighborhood, but they want to restrict access for other people who come from other parts of the city, suburbs and out of town visitors. It's a kind of modified NIMBY.

 

[WyattEarp]

Within the City of Toronto they are ONLY allowed to rent their PRINCIPLE residence for less than 6 months terms. They CANNOT rent any other property that they own for less than six months. It is not that complicated.

What's with this f*cking commoditizing a basic f*cking need bullshit?

The selfish self-interest is astounding. This greed must end.

Hopefully the new short term regulations will be strictly enforced and backed up by the CRA audits.

Let's call these alleged "AirBnB entrepreneurs" for what they really are, VULTURES.

Do you really think AirBnB units are impacting working class and low income areas in cities? Urban AirBnB hosts mostly set up in middle/upper income condos. This competes with hotels and people who are in the market to live in these condos.

This also ignores that being an AirBnB host takes a lot of time and effort. To think otherwise reminds me of my friends who buy rental properties thinking they just invest their money, kickback and watch the income come in.

In almost all North American cities, I don't see the number of units that would create a surge in real estate prices and rents. Besides the time and effort for hosts, most cities have seasonal demand which make hosting less lucrative than it would first appear.

 

[Anbarandy]

Blame your government for not providing sufficient and affordable housing. If someone buys a property, they should be able to rent it out to whomever they want.

We are our government. You, I and everyone else. Are you willing to support putting in place legislation, regulations and policies and also be willing to pay for them to provide sufficient and affordable housing?

My guess would be NO you would NOT and thus you and others like you are to blame for the lack thereof.

To reply to the second sentence of your above quoted post, I would like to buy up properties that surround your residence and short term rent them to a revolving cast of characters, be they loud and obnoxious morons, just released convicts, asymptomatic covid carriers etc and you would have no recourse to stop me. After all according to you I "should be able to rent to whomever I want."

 

[Anbarandy]

I think the City of Toronto provides more subsidized housing than any city in North America with the possible exception of L.A.

Agree, and get rid of rent control.

What is the rent control that u speak of?

 

[Anbarandy]

That seems reasonable.

Now granted, there are a lot of assholes who stay at AirBnBs. However, there are assholes all over. You're not going to outlaw assholes.

Some of the posts remind me of my liberal friends who think they can regulate everything and shape the world exactly in a manner they envision. These are the people who love all the restaurants, bars and cultural activities in our urban neighborhood, but they want to restrict access for other people who come from other parts of the city, suburbs and out of town visitors. It's a kind of modified NIMBY.

Don't make me laugh.

 

[Anbarandy]

Do you really think AirBnB units are impacting working class and low income areas in cities? Urban AirBnB hosts mostly set up in middle/upper income condos. This competes with hotels and people who are in the market to live in these condos.

This also ignores that being an AirBnB host takes a lot of time and effort. To think otherwise reminds me of my friends who buy rental properties thinking they just invest their money, kickback and watch the income come in.

In almost all North American cities, I don't see the number of units that would create a surge in real estate prices and rents. Besides the time and effort for hosts, most cities have seasonal demand which make hosting less lucrative than it would first appear.

Just follow the rules and regulations that society has put in place, namely:

Within the City of Toronto property owners are ONLY allowed to rent their PRINCIPLE residence for less than 6 months terms. They CANNOT rent any other property that they own for less than six months. It is not that complicated.

 

[Darts]

willing to support putting in place legislation, regulations and policies and also be willing to pay for them to provide sufficient and affordable housing?

Landlords in Ontario are already regulated to death.
https://en.wikipedia.org/wiki/Rent_control_in_Ontario

BTW: No responsible landlord would rent their house/unit to this bunch of characters:
loud and obnoxious morons, just released convicts, asymptomatic covid carriers etc. However, you may not have a choice under the government's "non-discrimination" law. Our government panders to tenants because they have more voters than landlords.

 

[Anbarandy]

Landlords in Ontario are already regulated to death.
https://en.wikipedia.org/wiki/Rent_control_in_Ontario

BTW: No responsible landlord would rent their house/unit to this bunch of characters:
loud and obnoxious morons, just released convicts, asymptomatic covid carriers etc. However, you may not have a choice under the government's "non-discrimination" law. Our government panders to tenants because they have more voters than landlords.

Hyperbole much? Haven't heard nor seen any landlord's businesses die a "government regulated death nor a rent control death yet.

Premier of Ontario, Doug Ford's Conservative Government enacted legislation in 2018 so new construction is not subject to rent control. Rent control does not apply to new buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018.

Responsible landlords in the short term rental business are an oxymoron.