
New York City report pins millions in rent hikes on Airbnb - cfadvan
https://techcrunch.com/2018/05/03/new-york-city-report-pins-millions-in-rent-hikes-on-airbnb/
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quotemstr
In an efficient market, the rental rate (controlling for unit quality) for
long-term residents and short-term guests should differ only by as much as the
landlord gains from the predictability of a long-term resident's rent payment
stream and the lower upkeep costs. This result just tells us that this
difference is smaller than the pre-Airbnb gap between hotel and apartment
rates.

Airbnb is removing friction and making the market more efficient. It's not
some kind of force for evil.

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jarjoura
I haven't seen cities like NY or SF themselves proclaiming Airbnb is evil, or
bad intentioned. It's not about friction of markets here, it's about a city
having the capacity to house people. If the city was just concerned about
getting a cut of the revenue they could just tact on hotel taxes and be done
with it.

Of course it's not a black and white problem, but I am far more sympathetic to
cities struggling to house everyone who actually want to live there and could
care less about airbnb's inventory problem.

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AlexandrB
I’m surprised that anyone would think otherwise. AirBnB naturally removes
stock from the rental market. The rest is supply/demand 101. The only question
is how big of an impact AirBnB has.

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pmalynin
NYC has rent controls, which themselves actually limit the quantity supplied.
Arguably, AirBnB provides for a more efficient resource allocation since it
allows the unit's price to float to the market equilibrium.

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tribune
It's a different equilibrium though, where tourists are paying daily rates
instead of locals paying monthly

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quotemstr
So? Are tourist utility-hours somehow different from resident utility-hours?

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bobthepanda
Residents provide stability to a polity's long term tax base, and are also the
source of votes that politicians of said polity need to get re-elected. So,
unless you want wild, cyclical swings in your polity's finances, long-term is
generally a better bet.

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mwnivek
Previous discussion:

[https://news.ycombinator.com/item?id=16986824](https://news.ycombinator.com/item?id=16986824)

