That's how one Airbnb operator described their experience with the Sharing Economy to the Wall Street Journal...another unseen victim of the government's response to the 'VID.
What started as a way to make a little side cash by renting out spare rooms rapidly turned into a full-time profession for many real estate speculators who discovered they could make more money renting to visitors than leasing to residents. In many communities, the price of housing skyrocketed as available inventory was snapped up by investors to flip into Airbnb and VRBO rentals.
But, when travel stopped on the Ides of March, so did the revenue stream that many of these speculators depended upon to pay their mortgages. And thus, we'll be seeing a portion of this housing inventory come back on the market.
Good for hotels. Good for home buyers. Bad for entrepreneurs that got caught with all their eggs in one basket.
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