Ari Bnb Rsini G Rent And The Housing Crisis In Los Angeles-Books Pdf

ARI BNB RSINI G RENT AND THE HOUSING CRISIS IN LOS ANGELES
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AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. Table of Contents, Executive Summary 2, Who is AirBnB 4. Early growth and Silicon Valley roots 4, Regulatory uncertainty threatens IPO 5. AirBnB s Political Playbook 6, The AirBnB Ecosystem 8. Hosts and listing types 8, Whole unit listings dominate key AirBnB markets 8. The Los Angeles AirBnB Market 9, High intensity use indicates hotel conversion 10.
Hosts with multiple units may be professional management companies 10. The bottom of the AirBnB economy 13, AirBnB s job costs 15. AirBnB and the Housing Market 16, AirBnB creates incentives to take units off the rental market 16. High AirBnB density overlaps with higher rents and lower rental vacancy 18. AirBnB in Los Angeles Neighborhoods 21, Who Can You Trust 22. Public health and safety in hotels 22, ADA compliance and enforcement 23. Strained relations between AirBnB and its hosts 25. Assumption of risk and liability 25, Host guarantee and Peers homesharing liability insurance 27.
The Promise of Tax Revenue 28, AirBnB revenue is clustered in established tourist districts 29. Policy and Regulatory Intervention 30, Portland Oregon 30. San Francisco California 32, New York City New York 33. Southern California Cities 34, Principles for Regulating AirBnB 35. Appendix A Revenue Calculation 36, Appendix B Occupancy Rates 36.
Endnotes 37, laane a new economy for all 1, AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. Executive Summary, Sharing our homes has been commonplace for If there were negative effects arising from the. as long as there have been spare rooms and transaction they were largely limited to the buyers. comfortable couches Whether through word of and sellers. mouth ads in newspapers or flyers on community, bulletin boards renters and homeowners alike AirBnB changes this basic formula By incentivizing. have always managed to rent out or share rooms the large scale conversion of residential units. in their living spaces These transactions were into tourist accommodations AirBnB forces. decidedly analog but they represented a genuine neighborhoods and cities to bear the costs of its. peer to peer marketplace Websites like Craigslist business model Residents must adapt to a tighter. eventually made connecting sellers to buyers housing market Increased tourist traffic alters. far more common Companies like HomeAway neighborhood character while introducing new. applied the same principle to the vacation home safety risks Cities lose out on revenue that could. rental market allowing owners of vacant homes have been invested in improving the basic quality. to connect with vacationers In all these cases of life for its residents Jobs are lost and wages are. transactions were limited to the buyers and sellers lowered in the hospitality industry. 2 laane a new economy for all, AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. This report seeks to explore the history of AirBnB is twice as fast in AirBnB s nine top neighborhoods. understand how its public pronouncements as in the rest of the city The UCLA Anderson. deviate from observed facts and identify the School of Business considers L A s high cost of. tangible and intangible effects that the company housing a significant drag on job creation. is having on our housing market neighborhood, cohesion and public revenues In Venice as many as 12 5 percent of all housing.
units have become AirBnB units all without public, A key component of this report is its analysis of approval There are 360 AirBnB units per square. the AirBnB market in Los Angeles based on a mile in Venice and longtime residents who never. snapshot of AirBnB listings on October 17 2014 intended to live next to hotels now find themselves. Through the application of freely available code dealing with noise and safety concerns that. we have collected a comprehensive set of data negatively impact their quality of life. that includes information on AirBnB hosts prices, listing locations and listing types These data Over 80 percent of the taxes and economic. provide a great deal of insight into the contours activity AirBnB claims to generate likely would. of the company s operations in and effects on Los have come to Los Angeles anyway resulting in. Angeles taxes being paid higher wages being earned and. more money being spent by visitors, First AirBnB s impact on Los Angeles is far larger. than previously understood We identified 8 400 In short AirBnB has become a major player in. hosts and 11 401 AirBnB units listed for rent in Los Los Angeles and is having major impacts often. Angeles negative But Los Angeles is a key market for. AirBnB as well AirBnB is moving toward an Initial, Second these units are not by and large the Public Offering IPO and can only capture the. shared space implied by terms like host or billions of dollars it hopes to if it can address. sharing economy Instead nearly 90 percent of one fundamental fact AirBnB rentals in L A and. AirBnB s Los Angeles revenues are generated by elsewhere are largely illegal. lessors with whole units and leasing companies, who rent out two or more whole units This report argues that as the city begins the.
process of crafting a regulatory regime to address. Third AirBnB has created a nexus between tourism the company s proliferation into residential. and housing that hurts renters The 7 316 units neighborhoods any potential policy ought to be. taken off the rental market by AirBnB is equivalent assessed by four key criteria. to seven years of affordable housing construction, in Los Angeles 1 Housing must be protected. 2 Systematic approval requirements must be, AirBnB density overlaps with high median rents. 3 AirBnB must share the burden of, and lower rental vacancy The top nine AirBnB enforcement. neighborhoods have a vacancy rate below the 4 Only true sharing should be allowed. threshold the city uses to deny conversion of, apartments to condominiums. As a whole Los Angeles has seen rental rates grow, three times faster than San Francisco while growth.
laane a new economy for all 3, AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. Who is AirBnB, AirBnB sells itself as a platform akin to a community Early growth and Silicon Valley roots. bulletin board However unlike most community, bulletin boards the company takes a percentage AirBnB s early growth focused mainly on large. out of every transaction has centralized control events like the 2008 Democratic National. over all listings and maintains a global scope Convention in Denver and South by Southwest. of operations In other words AirBnB is a hotel in Austin With hotels in these markets at full. company It may be deregulated and decentralized occupancy AirBnB provided a listing service. embedded within countless apartment buildings for individuals with surplus space in their. bungalow courts and leafy suburban streets but homes or apartments to rent out to like minded. the company s primary function is to make a profit travelers After successfully completing these. accommodating guests proof of concept trials Chesky and the other. AirBnB cofounders were invited to participate, According to the story AirBnB tells about its in Y Combinator a Silicon Valley tech start. founding CEO Brian Chesky was unemployed up incubator program that connects budding. when he moved to San Francisco in 2007 A large entrepreneurs with major venture capital investors 2. design conference came to town and Chesky saw, an opportunity to generate a bit of income by The company emerged as a favorite of.
renting out an air mattress in his San Francisco loft Y Combinator founder Paul Graham who worked. to conference attendees who could not find an to connect the AirBnB team to his contacts in the. affordable hotel room Chesky and his roommates venture capital world An email exchange published. accommodated three guests and provided them on Graham s personal website with full knowledge. with breakfast Thus AirBed Breakfast now and permission of all parties involved shows that. known as AirBnB was born 1 from a very early stage AirBnB sold itself as both. a hotel competitor and as the foundation of a new, AirBnB s three co founders Nathan Blecharczyk left Brian Chesky center and Joe Gebbia right were added to. Forbes list of billionaires in 2015, 4 laane a new economy for all. AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. kind of peer to peer marketplace the eBay of major chains like Hilton and Intercontinental The. spaces as Graham wrote to a potential funder company generates revenue by charging hosts a. three percent commission on each booking and, The company touted its revenue stream as by charging travelers a commission of between six. counter cyclical arguing that when the economy and 12 percent thus generating a yield of anywhere. declined as it did while AirBnB pursued its initial between nine and 15 percent in commission for. rounds of financing in 2009 more users would be every booking 6. drawn to the site since they had to pay the rent 3. In other words people would want to rent out Market observers expect AirBnB s successive. rounds of fundraising are a prelude to an Initial, Public Offering IPO However renting out. residentially zoned units as accommodation for, Renting out residentially travelers runs counter to land use regulations and.
zoning codes 7 For example a March 2014 memo, zoned units as distributed by Los Angeles Deputy Planning. accommodation for travelers Director Alan Bell states that short term rentals are. runs counter to land use prohibited in single family and lower density multi. family residential zones The memo notes that the, regulations and zoning status of short term rentals in higher density multi. codes family and commercial zones is complex 8, Uncertainty around the legality of AirBnB s core. business model is further compounded by the, their homes because rising housing costs made it fact that the company has not collected the hotel. harder to afford the rent or mortgage As we will related taxes mandated by most jurisdictions. see AirBnB returns to this claim time and time Municipalities have explored a range of regulatory. again to sell its service to residents regulators and options to address the proliferation of illegal hotels. the public As we shall also see the claim is at once in residential neighborhoods Consequently every. misleading and even ironic since AirBnB itself may municipality represents a proving ground for. contribute to those rising costs AirBnB Each time a city normalizes the company s. activities AirBnB becomes a more stable secure, Regulatory uncertainty threatens IPO investment Receiving legitimacy from major.
markets like Los Angeles is a critical precondition. Since April 2014 AirBnB has raised nearly 800 to moving into the IPO phase of the company s. million from global investment firms including TPG growth cycle. Capital T Rowe Price and Dragoneer Investment, Group AirBnB has been valued at 13 billion. placing the company in the upper echelons of, the hospitality industry 4 At this valuation AirBnB. has a higher market value than both Hyatt 8 4 Each time a city normalizes. billion and Wyndham 9 3 billion 5 According to the company s activities. media reports the company has been responsible, AirBnB becomes a more. for booking 10 million guest nights since 2008, and its own estimates indicate the company may stable secure investment. have booked more room nights in 2014 than, laane a new economy for all 5.
AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. AirBnB s Political Playbook, AirBnB has marshaled a sophisticated political Culting s author is Doug Atkin who also happens. operation any time the company has faced even to be AirBnB s Global Head of Community 11 The. symbolic regulatory action 9 This generally involves book is pitched as a way to teach marketers how. packing a room with dozens of hosts Armed with to align themselves with a specific segment of the. compelling stories these hosts detail the ways in population how to attract and keep new members. which renting out their spare rooms has enriched how to establish a mythology about the company. their lives and saved them from economic ruin and how to manage a workforce filled with true. The hosts seem motivated by a combination of believers 12 The central thesis is that companies like. financial self interest and a sincere belief that they Apple Think Different and Nike Just do it. compose a beleaguered community This gives share many characteristics common to cults like the. AirBnB a group of personal heartfelt and therefore Unification Church or the Hare Krishna in that these. effective spokespeople that most corporations can companies form a strong emotional connection. only dream of This is no accident but rather the to their customers and these customers view. result of a sophisticated operation based on a well themselves as a part of a broader community. articulated marketing philosophy laid out in the, book The Culting of Brands How to Turn Customers. into True Believers 10, This picture taken from AirBnB s website highlights the company s core principle of creating a sense of belonging. through its service, 6 laane a new economy for all. AIRBNB RISING RENT AND THE HOUSING CRISIS IN LOS ANGELES. As Atkin puts it in the conclusion of Culting, We have reached.
ari bnb rsini g rent and the housing crisis in los angeles march 2015 roy samaan

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