Thursday, July 21, 2016

AirBNBs: Homes Away from Home?

Author Amy Schisler reports from her European travels. To quote:
AirBnB was created with the idea that people would open up their home to travelers as a bed and breakfast or that they would allow others to rent their home when they, the host family, was away.  In theory, it’s a great idea.  However, as pointed out in a recent article in the Harvard Business Review, that’s not quite the reality of the business.  Rather than staying in someone’s personal home, in most cases, guests stay in an apartment that has been purchased by the owner specifically for AirBnB rentals.  While this was fine with us (and slightly less creepy), according to HBR, it’s having devastating effects on the housing market in several US and European cities where “residents” are no longer actually living in the homes, and real estate prices are driving middle income families out of local neighborhoods.  We could certainly see how this was the case as most of the places where we lodged were in residential areas rather than hotel and tourist centers. (Read more.)

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