VRMA Administrator
Federal Reserve Bank of Philadelphia CEO Patrick Harker claimed in a recent essay that short-term rentals play a critical role in spiking housing prices, urging municipalities in popular tourism areas to further rein in such businesses to help workers secure local housing. "Areas dominated by tourism like the Jersey Shore [in New Jersey] are starved of housing for workers," he wrote. "Incentivizing workforce housing could begin to ease these supply shortages. And in those same tourist-heavy regions, local governments could look to limit the number of short-term rentals to ensure that local residents have places to live." An Airbnb spokesperson stated "most Airbnb hosts today share just one home as a way to make their home affordable and deal with rising costs of living. The focus needs to be on building more housing for people and Airbnb wants to be part of that solution." Officials at vacation rental companies tend to refute the connection between the properties they sell and the shortage of affordable housing. Airbnb called regulation a risk factor for their business in its 2021 annual report.
Skift.com (10/10/22) Dennis Schaal
