News: The Housing Market Might Not Survive This...
Rebel Capitalist News
George Gammon
4.7 • 1.1K Ratings
🗓️ 21 September 2023
⏱️ 11 minutes
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Transcript
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| 0:00.0 | Hello fellow Rebel capitalists hope you're well so we've got more and more information coming out on AirB&B and this bubble is starting to burst and I think this could have dramatic impacts on home prices throughout the United States. |
| 0:16.0 | Let's get right over to the C.N.C. article and check this out. |
| 0:19.0 | In fact, we're going to start with this video, where they talk about what's happening right now in New York City but at the end of the video they talk about how this could be happening in pretty much every single major city throughout the United States but notice at the end of this little one minute clip |
| 0:35.1 | how they're thinking about this just in terms of Airbnb |
| 0:39.0 | and they're completely oblivious to what this could do to the overall real estate market. |
| 0:44.0 | We're going to connect these dots in just a moment, but before we do, let's check out this video. |
| 0:48.4 | Hi, Mandy. |
| 0:49.4 | If you have booked an Airbnb in New York City for the Christmas holidays. You may want to check your |
| 0:53.9 | email. That's because according to new regulations that came into effect, September 5th, |
| 0:59.4 | the company will be canceling and refunding bookings for stays that start after December 2nd. |
| 1:05.2 | Now these new regulations have caused an uproar because they require that hosts be |
| 1:09.4 | present for stays of 30 days or less. Also no more than two people can stay at a time and |
| 1:15.2 | hosts must register and get approval from the city. If they don't, both the hosts |
| 1:19.6 | and the booking platforms that they're using can be subject to hefty fines. |
| 1:24.0 | In other words, they're basically banning Airbnb. |
| 1:27.0 | I mean, they're saying, okay, well, we're not banning it, |
| 1:30.0 | this is New York City talking. |
| 1:32.0 | Well, we're not making it illegal, but you got to do this this this this this this this which is basically impossible |
| 1:37.3 | so effectively they are banning it |
| 1:40.1 | these types of short-term rentals have been illegal in New York for some time. |
| 1:45.0 | Of course, Airbnb not the only company engaging in this practice, but it is the biggest one. |
| 1:50.0 | The city and the company have been locked in litigation for about 10 years, the most recent |
... |
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