Who Killed Affordable Housing?

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Jun 22, 2023

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ANECDOTE

Airbnb Began With A Mattress In A Living Room

Airbnb started as founders renting out a living-room mattress to cover rent during a conference in San Francisco.
That small idea morphed into a platform where many listings are entire, unoccupied homes rather than spare rooms.

INSIGHT

Short-Term Rentals Bite Into Long-Term Supply

In Sydney, year-round Airbnb listings equaled about half the city's rental vacancy rate and U.S. cities showed a median conversion of ~12% of rentals to Airbnb.
Research estimated Airbnb explained ~20% of rent increases in the studied period.

INSIGHT

Zoning Shapes What Gets Built

Zoning rules determine what housing types can be built where, heavily shaping local housing supply.
Restrictive zoning limits denser housing like duplexes and apartments, keeping supply low and prices high.

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