Cash is king, Would not be wanting to hold rental real estate. The crash cycle is just starting & will not be over till 2022. Already renters are going to have trouble paying rent & the government @ the bottom will allow them to stay rent free if they can not pay.Perhaps busy scooping up bargains from those who are at risk of defaulting on their mortgages and other debt obligations, facing job loss, tenant defaults, etc., real or apprehended.
Their last post was this one on March 18.Where is our resident rental expert?
Haven't seen him for awhile.
Yeah, I can't look at attachments. Apparently I must be a new member with less than 5 posts. Can't wait to see what the new software will be like. Sigh.If I click Reply with Quote I got:
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I've been reading that the condo scene in the big cities is going to be extra bad with this downturn because:I read AirBNB rentals are being converted to traditional rentals
Good! Imagine living next to an airbnb, especially in a downtown condo. Loud parties all the time, garbage thrown everywhere, fights, drugs...1) A good amount of owners are doing AirBNB. Their rent will be zero.
Sorry, don't understand the evils of AirBnB hosts. I'm puzzled when I seem to be taking the more 'pro-market' approach to the majority on this board. I understand the pressure that they put on housing availability/affordability, but isn't that just the market doing its thing?Would love to see Airbnb hosts have their heads handed to them. Some are of good moral character renting for example while they are snowbirds. Others are simply slime acting as hoteliers. Municipalities have not been able to crack down enough on landlords trying to make a fortune on Airbnb rather than long term rentals for housing purposes.
Not directly applicable, but FWIW, a brand new multi-purpose building in our city designed for short term rentals (with furnished suites) is just obtaining their occupancy permit. They have announced they are now looking for longer term tenants, e.g. full summer and/or fall because the short term Airbnb crowd has vanished.
I guess it depends. I'm a little ambivalent on the whole thing as I have used AirBnB on occasion. There are some "legitimate" hosts who actually offer the BnB experience in their primary residence as a way to supplement income or to meet people. It's the grey area of people buying dozens of condo units with the intent of running a "virtual" hotel, without playing by hotel rules. The problem with that is if you are calculating the city hotel accommodation capacity, it'll be a little skewed. In fairness, I don't know if anyone does, or if it is used to justify hotel building permits. As an aside, it does remove long-term residential accommodation capacity away from city residents which causes an artificial shortage and cause long-term rental prices to rise. It's pretty much similar to the Uber vs taxi arguments.Sorry, don't understand the evils of AirBnB hosts. I'm puzzled when I seem to be taking the more 'pro-market' approach to the majority on this board. I understand the pressure that they put on housing availability/affordability, but isn't that just the market doing its thing?
This would be perfectly fine IF the housing construction/zoning market and the mortgage market and the population market (immigration) and the job market, were all allowed to go along un-interfered with by the government...Sorry, don't understand the evils of AirBnB hosts. I'm puzzled when I seem to be taking the more 'pro-market' approach to the majority on this board. I understand the pressure that they put on housing availability/affordability, but isn't that just the market doing its thing?
Well, houses are very small/modest in Tokyo. Their houses tend to be pretty disposable, too. They are kind of intended to be knocked down in 20-30 years.Tokyo is apparently the most affordable real estate market in the developed world because it relaxed zoning
If we did that it would mean destroying traditional urban cores and people's quiet back yards to into whatever the market demands
Population density is increasing while NIMBY boomers want established RE to stay the same