Low interest rates led people to rent out homes on sites such as Airbnb, leading to the current housing crisis, writes Rick Fonger. But there’s an easy solution: Stop short-term rentals of houses and condominiums.
The housing crisis was caused by government intervention and it can be solved by government intervention.As a septuagenarian who grew up in Canada, I was always aware that saving was necessary. Mainly because we were told we would have to look after ourselves in old age.
How could we possibly earn enough income to be able to retire? This was the issue that created the current housing crisis. And here is why. VRBO is a website that advertises entire private homes, condominiums or cottages for rent. Like Airbnb, rentals are for very short time frames, from a day or so to a week or more.
Now, people looking to add to their income are much better off to rent their room for $2,400 to $6,000 a month. Companies own thousands in some places. So we no longer have a housing market, we have a market that caters to tourists and people on business trips.
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