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You want to really take pressure off the rental AND purchase markets...outlaw short term rentals nationwide unless licensed as a hotel. Definitely do this with rental arbitrage. That's your real shortage. We have probably 1/4 of the housing stock in the Triangle sitting empty 50% of the time because everybody and their brother owns 3 short term rentals.Oh yeah, me too. I’m looking to buy a house this year, and it would’ve been a huge help to me and a lot of potential home buyers (as long as it didn’t just push prices up $25,000).
I guess I should’ve said it doesn’t do much for people who aren’t close to buying a house. It’s a supply issue in terms of affordable rental units. I don’t know that the number of people buying a house w/ the assistance would increase in a way that appreciably takes pressure off the rental market.
The problem with that is that we are addicted to VRBO and AirBnB as a society.
All those fancy apartments in North Hills in Raleigh are at about 35-40% occupancy for residents. The rest are tenants who have 10-15 units and rent them out nightly 2 nights a week when people want to come to party or see a concert. Building management looks the other way because it lowers their costs by having the units out of service so much and puts less pressure on building amenities.