![]() To dig deeper into the underlying market forces at play, we divided our analysis into two parts: a nationwide examination of Airbnb’s impact across 15 major U.S. In the next part of our study, we took a more granular approach in an attempt to measure the direct impact of various STR regulations and identify strategies that can help communities reap the long-term benefits of the economic activity generated by these rentals while minimizing the short-term harm to residents. Of course, this is not to say that the negative economic impacts identified in our prior work are irrelevant. ![]() Given these findings, it follows that restricting STRs can have a significant, negative impact on local economic activity. Based on this dataset, we identified a clear connection between STRs and residential permits: On average, a 1% increase in Airbnb listings led to a 0.769% increase in permit applications, suggesting that Airbnb can play a major role in supporting local real estate markets and thus boosting local tax bases. Residential permits are necessary for both new construction projects and substantial changes to existing structures, which makes them an effective way to measure the local economic growth that results from owners investing significantly in developing their properties. To explore this question, we conducted a large-scale study analyzing a decade’s worth of Airbnb listings and residential permit applications in the U.S. Could the immediate harm of services like Airbnb to the local economy be offset or even outweighed by the long-term increase in demand they create? However, while this short-term impact is well established, the longer-term impact of the last decade’s boom in STRs is less clear. For example, New York City has made it outright illegal to rent an apartment for fewer than 30 days in most buildings. rents, leading many policymakers to take an understandably aggressive approach to regulating STRs. In a previous study, we found that home-sharing through Airbnb alone is responsible for about 20% of the average annual increase in U.S. It’s well-known that one of the downsides of short-term rentals (STRs) is that they can reduce the availability of housing for long-term residents, thus driving up both rents and house prices for locals.
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