This study doesn’t seem to have included any public policy or regulatory elements in its model; sure demand can continue to grow much faster than supply, but if the TAL sets annual rent hikes are a few percent, there would have to be lots and lots of rule-breaking to approach the figures discussed here, no? That may be plausible, but it needs to be called out. We may all bemoan the weakness of our rent control system, but it still exists.
Any study that assumes “if policies and trends remain unchanged” isn’t worth much as a study. It’s like estimating population growth by extrapolating current growth rates, which is how we got estimates in the early 70s that Montreal would have 10 million people today.
That said we’ve gone through an alarming period of rent hikes and the only way out is to build more housing of all types and to reinforce rent controls.
It’s a bit of a misdirection to blame/punish Airbnb. They don’t own those apartments and they don’t make any decisions about them. All they do is facilitate booking and payment.
That’s not to say they are utterly blameless, but the real problem are the people and real estate developers who choose to make their units short-term rentals instead of regular rentals. Let’s put the focus back on those people, the ones who make those choices.
Yes, but blaming Airbnb without mentioning the individuals and corporations who CHOOSE to use their spaces for short-term rentals is a misdirection. Look at the fire in Old Montreal this morning; short-term rentals in a “hostel” run by the same guy who owned the building that burned two years ago and killed seven people. But Airbnb was not involved in the place that burned last night, although it seems to have had the same problems.
Are you also going to go after Booking(.)com? Expedia? Vrbo? Rentals(.)ca? Padmapper? CozyCozy? Zumper? The lists go on an on. Focusing on one of many companies who do this while skipping over the people who MAKE THE CHOICES and profit the most is misdirection.
It’s also somewhat hopeless, like blowing smoke into the wind. Airbnb is a large international company with millions of listings around the world and no actual footprint here. But the people and developers who own the short-term rentals? They’re right here. (And if they’re not right here, their properties are right here.)
Joey 17:48 on 2024-10-03 Permalink
This study doesn’t seem to have included any public policy or regulatory elements in its model; sure demand can continue to grow much faster than supply, but if the TAL sets annual rent hikes are a few percent, there would have to be lots and lots of rule-breaking to approach the figures discussed here, no? That may be plausible, but it needs to be called out. We may all bemoan the weakness of our rent control system, but it still exists.
DeWolf 20:46 on 2024-10-03 Permalink
Any study that assumes “if policies and trends remain unchanged” isn’t worth much as a study. It’s like estimating population growth by extrapolating current growth rates, which is how we got estimates in the early 70s that Montreal would have 10 million people today.
That said we’ve gone through an alarming period of rent hikes and the only way out is to build more housing of all types and to reinforce rent controls.
JaneyB 08:25 on 2024-10-04 Permalink
…and to punish Airbnb in as many ways as possible. That is a key problem.
Blork 13:46 on 2024-10-04 Permalink
It’s a bit of a misdirection to blame/punish Airbnb. They don’t own those apartments and they don’t make any decisions about them. All they do is facilitate booking and payment.
That’s not to say they are utterly blameless, but the real problem are the people and real estate developers who choose to make their units short-term rentals instead of regular rentals. Let’s put the focus back on those people, the ones who make those choices.
MarcG 13:51 on 2024-10-04 Permalink
It’s a systemic problem and Airbnb is part of that system.
Blork 16:49 on 2024-10-04 Permalink
Yes, but blaming Airbnb without mentioning the individuals and corporations who CHOOSE to use their spaces for short-term rentals is a misdirection. Look at the fire in Old Montreal this morning; short-term rentals in a “hostel” run by the same guy who owned the building that burned two years ago and killed seven people. But Airbnb was not involved in the place that burned last night, although it seems to have had the same problems.
Are you also going to go after Booking(.)com? Expedia? Vrbo? Rentals(.)ca? Padmapper? CozyCozy? Zumper? The lists go on an on. Focusing on one of many companies who do this while skipping over the people who MAKE THE CHOICES and profit the most is misdirection.
Blork 16:55 on 2024-10-04 Permalink
It’s also somewhat hopeless, like blowing smoke into the wind. Airbnb is a large international company with millions of listings around the world and no actual footprint here. But the people and developers who own the short-term rentals? They’re right here. (And if they’re not right here, their properties are right here.)
MarcG 17:51 on 2024-10-04 Permalink
I guess Airbnb has just become the generic term for short-term rental company (a la Kleenex). If you regulate the space the people will fall in line.