It is risky to own and lease real estate.
I’ve been a landlord and I know.
You pour your heart and soul and your cash into a place you hope someone else takes care of.
Landlords are responsible for a mortgage while tied to enormous risk: market fluctuation, adjustable interest, tax and insurance increases, heating oil and electricity, habitability standards, stabilization limits and all with legal accountability to what goes on within their property.
Landlords must vet prospective tenants very carefully.
Airbnb takes that judgment away from the owner and gives it to the renter when they sublease, as a hotel.
We should be able to do whatever we want with our home as long as it is single-family, we own it outright and we meet the same minimum hotel regulations.
If we have a partner like a bank mortgage or another owner in the building, it seems reasonable that we need permission from the lender or other owner.
In a multiple dwelling condo where you actually own the bricks and mortar, it seems reasonable that a majority of the other owners agree.
In a cooperative you don’t actually own your home, you hold shares in a corporation that is responsible for the overall building. In this case the cooperative can simply say “no".
Renters have occupancy rights for the name on the lease, but are not granted the control of an owner.
Hotels are subject to license and a cleanliness standard and government regulation that over time has become common sense.
Whatever the outcome for airbnb,
let’s hope common sense prevails.
What do you think?