Came across this great assessment:
https://www.bloomberg.com/opinion/a...-airbnb-become-obsolete-after-the-coronavirus
It's pretty clear that AirBnB is a pay-to-let scheme for investors and not at all about communities and sharing economies. And I write you this living on the only inhabited unit of a 6-story building in the heart of Lisbon. Every other floor was dedicated to AirBnB leasing. Mine was only converted from an AirBnB by us because our landlord had three kids and grew tired of the hassle and thus turned it over to longer-term locals.
AirBnB won't go away. But its business model has probably just been sliced to 20% of what it was three months ago, now that so many real estate speculators are naked with extra mortgages and having to flood the local rental market with anywhere from 40-60% more inventory that was previously locked up for tourists.
Oh man, this means that 30-40% of the rental property market in major cities across the world is backed by an overextended owner bankrupt of any revenue streams to cover costs for many, many months. This has to be another real estate scam meltdown coming in the works globally in the next 3-6 months. This isn't even a question of tenants holding off on paying rent and governments helping with a bailout. These are property speculators with fallow assets and zero income to fend off mortgage defaults.
If you want to know why millennials have been unable to afford a place in cities, here's your smoking gun. The inventory was being used as an asset to store capital. Ironically, millennials paying for AirBnBs everywhere were contributing to why they could never afford these places.
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