Property owners realized they can do a long term rental for $2000/month, or short-term rentals for $2000/week. Obviously, they chose the more profitable one. So people who want to live in a place long term, perhaps fueling the local economy and community, get pushed out.
Then, the places that remain as long term rentals raise the prices because there’s fewer of them competing (assuming they aren’t already forming a cartel)
Personally I think the state should have a heavier hand in providing housing. It’s too essential to let private forces squeeze it for profit.
Property owners realized they can do a long term rental for $2000/month, or short-term rentals for $2000/week. Obviously, they chose the more profitable one. So people who want to live in a place long term, perhaps fueling the local economy and community, get pushed out.
Then, the places that remain as long term rentals raise the prices because there’s fewer of them competing (assuming they aren’t already forming a cartel)
Personally I think the state should have a heavier hand in providing housing. It’s too essential to let private forces squeeze it for profit.