Bill Comes Due for Overextended Airbnb Hosts

https://www.wsj.com/articles/a-bargain-with-the-devilbill-comes-due-for-overextended-airbnb-hosts-11588083336

by t23 • 6 years ago

48 11 6 years ago

wsj.com

neonate• 6 years ago

https://archive.md/Sgbgx

ninju• 6 years ago

It's business that comes with risks. Nobody forced them to over extend.

They will struggle and tighten belts but they will survive and hopefully learn something from it.

blackrock• 6 years ago

I have to say, I hope these people go bankrupt.

At first, it was just some guy renting out his spare bedroom, or attached unit. Nobody cared about that, and we supported them in their attempt to make an extra buck to pay for their mortgage.

But then, it became people who took out 5 to 10 mortgages, on separate properties, and turned these homes into a little hoteling empire. This reduced available properties, thus increasing housing costs for everyone, including buyers and renters.

And when you multiply this by thousands of people doing the same thing, then we all now have a very serious housing problem.

It’s a travesty, that the mortgage lenders allowed this to happen. This is also a result of a lack of regulation and oversight. Society must rectify this.

vipa123• 6 years ago

Never let public good stand in the way of making a buck.

duckMuppet• 6 years ago

We need to the govt to bail these folks out.

If we can find an extra 84,500$ per month for Congresspersons to get childcare, i think we can find money to bail out these ppl.

chriswphoto• 6 years ago

Well written! Airbnb hoteliers are a net negative for cities.

fortran772• 6 years ago

And of course, they probably got all sorts of tax credits and breaks intended for "first time home buyers" and not R-E investors.

EricE• 6 years ago

I dunno why the government needs to get involved, the whole article is about how market forces are evening out the very things you are complaining about.

All without bureaucrats getting involved. Funny, that.

quantified• 6 years ago

Bummer for the hosts, but if you leveraged yourself to take housing units off the market, I can’t sympathize.

fortran772• 6 years ago

I have no sympathy for people who entered a risky business and failed and then complain that it's not fair. I'm sure they weren't accounting and paying taxes (and commercial mortgage rates) like a real apartment rental business would be.

Bill Comes Due for Overextended Airbnb Hosts

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