>This behavior just doesn’t matter for the overall real estate market. Sorry. It’s easy to hate but it’s totally irrelevant to prices overall. It is far too small.
This reminds me of the recent move to ban AirBnB in Barcelona: they're blaming AirBnB for apartment costs being too high, but if you look at the numbers, there's only around 10k (IIRC) AirBnBs, which is a tiny fraction of the total housing stock. Putting those 10k units back on the rental market isn't going to lower rents significantly. But blaming AirBnB and banning it is easier for the politicians than changing the bureaucracy and rules that prevent more housing from being constructed.
>why not mess up the value of their investment and harm them financially by permitting more housing to be constructed?
The NIMBYs don't want that: "my property values!" "neighborhood character!!"
"where will everyone park?!"
This reminds me of the recent move to ban AirBnB in Barcelona: they're blaming AirBnB for apartment costs being too high, but if you look at the numbers, there's only around 10k (IIRC) AirBnBs, which is a tiny fraction of the total housing stock. Putting those 10k units back on the rental market isn't going to lower rents significantly. But blaming AirBnB and banning it is easier for the politicians than changing the bureaucracy and rules that prevent more housing from being constructed.
>why not mess up the value of their investment and harm them financially by permitting more housing to be constructed?
The NIMBYs don't want that: "my property values!" "neighborhood character!!" "where will everyone park?!"