this post was submitted on 31 Jan 2024
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I don't like AirBNB and still think they should be banned, but not sure that what the graphic is stating has really panned out in Palm Springs.
According to Redfin, median Palm Springs home sale prices had appeared to drop by about $200k in Sept 2023 (to around $500k), but within two months they were right back close to where they had been before. They're sitting at about +18.4% year-over-year for median home sale prices. Given that alot of the properties for sale still appear to be in the millions, I'm not sure that they're representative of what we see in the rest of the country. There may be other data points out there that paint a different picture, that's just the first thing I looked up.
Makes sense to me, AirBNB is just one piece of the puzzle, get rid of them and they'll just sell their investments to a different group that's driving up prices. You've gotta completely overhaul home ownership and the housing market such that it exists in order to make speculative investment no longer a thing if you want to actually solve the underlying problem.