G E Y S E R ! !
Hi !
Interesting take on AirBnB...They will never enforce it though.
FWIW I think your take and timing on the state of the local market was/is spot on. We need some downward pressure on prices now.....If the pricing correction becomes event driven (interest rates, recession, ) The downward momentum will feed on itself.
The Oracle of Omaha is still bullish on the security of our Real Estate it would appear. I dont think he buys green bananas anymore either though.....

semven wrote:

G E Y S E R ! !
Hi !
Interesting take on AirBnB...They will never enforce it though.
FWIW I think your take and timing on the state of the local market was/is spot on. We need some downward pressure on prices now.....If the pricing correction becomes event driven (interest rates, recession, ) The downward momentum will feed on itself.
The Oracle of Omaha is still bullish on the security of our Real Estate it would appear. I dont think he buys green bananas anymore either though.....

Hi Semven, welcome back.
If you and Thinktom keep posting maybe this forum will be worth visiting more often.
With regard to the Airbnb thing, did you see our Mayor's announcement today. They appear to realize the revenue they're missing out on and the hotel industry is on board with a clampdown. 

The proposal is to require a business license registration and pay 3% fee, valid only for owner-occupiers or renters with consent from the property owner.

The noose tightens...

Think there will be compliance as far as the permits go? The fines can be levied against the Title, but as I said before the enforcement will be overwhelmed and the Owners will be about as concerned with compliance as the Pot Shop Owners are/were.
Once interest rates go up the AirBnB price model will make the rental rates drop because everybody will need mortgage relief.
Color me Bearish.

Beware

"These homeowners faced an Airbnb nightmare as renters left them facing huge fines and angry neighbors

Drew Grewal faced fines of nearly half a million dollars because his Miami Beach home was being listed illegally on Airbnb.

In Miami Beach — as in New York, San Diego and many other U.S. cities — short-term rentals of the kind facilitated by Airbnb, VRBO, Tripadvisor and others are strictly limited. Laws, fees and taxes vary regionally, but fines for violations are typically high. In Miami Beach, the fines run at $20,000 for a first violation and rise from there.

When the first notice arrived on Jan. 19, Grewal thought the city of Miami Beach must be mistaken. He hadn't used Airbnb as a host in years. Then it dawned on him that his long-term tenants might be responsible, despite a clause in their lease barring them from using his place for transient occupancy.

An agent checked up on the property for him and confirmed his suspicions. The yard had been trashed, with some patio furniture shredded. Somebody had installed electronic locks — presumably so guests could check in and out..."

https://www.cnbc.com/2017/09/01/airbnb- ... tings.html