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Re: AirBnB taking much-needed rentals off the market
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Home away from home
 
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The apts above Mathews on Grove street, and he waiting also for two apts above the laundry mat on 347 Grove st to expire. They will all be rented to Air B&B exclusively. They treat the building like it is theirs, furnish it, fix all damage, insure it. They pay the owner a flat fee for the year. I almost dropped from the amount he is getting paid,
Posted on: 2017/12/7 16:18
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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You sure about that? The BI article is not exactly a resounding attack, as it openly admits that "it not possible to say definitively that Airbnb puts up the price of rents and properties." The closest it comes is repeating a report written by Mobilization for Justice (not exactly neutral when it comes to housing/gentrification). It claims that adding the 8000 "Impact Listings" units to the rental pool would increase the vacancy rate to 4%. Even if their claim is correct, the idea that a mere 8000-unit increase would make a serious dent in rents in NYC is laughable. The Guardian article contains no data, just anecdotes that Air is allegedly ruining New Orleans. Meanwhile, checking zip code 70116 on Zillow shows rental prices peaking in 2014, and dropping about 15% since then; 70117 (Bywater) is basically flat. While this is obviously a crude analysis, perception does not quite mesh with reality. (This is why we should actually pay attention to data rather than anecdotes.) The 3rd paper is pretty solid. However, it's not an attack either. The authors conclude that Air might raise costs slightly, but also enhances the value of homes; they're not sure of the overall effects. But what happens when we look at JC? Rental prices actually decreased in 07302, peaking at $2875 in August 2015, and is currently at $2686. Does that mean a bunch of Air rentals closed up shop? No, it means that an effect that small is basically noise in markets as complex and volatile as JC. Now, in a city like San Francisco, where the vacancy rate is around 1.2%, and there's a ton of units on Air, it's probably an issue. NYC, with a 3.6%... maybe. In Jersey City, even DTJC, with a 12% vacancy rate? Highly unlikely. I'm not saying that AirBnB is the most awesome amazing thing ever. I wouldn't be too happy if someone tried to turn my building into a hotel. What I'm saying is that blaming AirBnB for housing problems in JC doesn't add up. It's just a convenient punching bag, for people who don't want to face the fact that the only solution is to build more affordable units in JC.
Posted on: 2017/12/7 5:15
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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If the zoning allows for it and you have the right permits, by all means turn your home into a bar. If this developer needs to be taxed differently or fined for being in violation of zoning laws, so be it.
Posted on: 2017/12/7 3:30
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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it's even more lucrative to run a bar. maybe I can turn my place into a speakeasy? this developer got a permit - and tax rate - for an apartment building, and he opened a hotel. his neighbors expected new neighbors, and instead got an endless parade of transients. JC needs to crack down on this like NYC has, and hold Airbnb to its original intent: facilitating rental of one's spare room or temporarily vacant home.
Posted on: 2017/12/7 2:36
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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Plus the idea of renting out to tenants in an affordable housing environment can be daunting considering the cliental it would invite. Perhaps affordable housing to own as opposed to rent.
Posted on: 2017/12/6 23:54
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Get on your bikes and ride !
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
Joined:
2007/2/3 21:36 Last Login : 2020/4/18 19:17 From Way Downtown
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Data disagrees with you. Here's exactly what AirBnB does to rent in popular cities AirBnB is driving up the rent in your urban neighborhood New research supports contention that AirBnB raises rents
Posted on: 2017/12/6 23:26
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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AirBnB has absolutely nothing to do with any housing crunch in JC. There are over 110,000 housing units in Jersey City. About 300 of them are listed on AirBnB. That's less than 0.3% of all housing units. The real issue in JC is the same as the area as a whole, namely a lack of affordable housing. The only real option is to build a ton of affordable units. Needless to say, that's not the easiest thing to do in an area that is already developed, and where the locals are not exactly thrilled by the idea of adding more high-density buildings.
Posted on: 2017/12/6 22:44
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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Quote:
Um....what?
Posted on: 2017/12/6 22:27
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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What's next forcing property owners to rent out vacant apartments that are not even reserved for Air BnB ? Some people do not wish to have tenants of any sort.
Posted on: 2017/12/6 22:20
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Get on your bikes and ride !
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Re: AirBnB taking much-needed rentals off the market
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Home away from home
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It's the capitalist society we live in and the free market. Deal with it. Obviously the owner thought it was more lucrative to rent the units out as an AirBnB, and it may very well be, but the added potential return also comes with the added potential risk. AirBnB rentals are short-term while people typically sign yearlong apartment leases. The owner has a greater potential for the units sitting vacant for certain periods. There is also more work with an AirBnB than a regular apartment building- letting guests in and out, cleaning up after every guest that leaves, etc. The owner of the building is willing to deal with all that as well, with a bigger potential return on their investment. As long as they pay all the necessary taxes and follows the zoning rules, I see no problems with this. If the marketplace had adequate demand for another apartment building, another one would be built, or a building would be converted into one. Don't blame AirBnB for Jersey City's housing woes, people have done this sort of thing long before AirBnB ever came along.
Posted on: 2017/12/6 20:36
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AirBnB taking much-needed rentals off the market
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Home away from home
Joined:
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There is a brand-new building at 222 First Street that was advertised as Luxury Rentals. One year after opening, nobody has moved in, and all of the units are listed online as short-term vacation rentals.
With the housing crunch DTJC is facing, what can be done to prevent more apartment buildings from turning into ad-hoc hotels? DeeDee's Lofts at Grove
Posted on: 2017/12/6 20:08
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