Kindly_Boysenberry_7 OP t1_j6ouxv4 wrote on January 31, 2023 at 9:16 PM

Reply to comment by The_Cawing_Chemist in Real Estate 101 - How to Tell a Bad Flip From a Good One by Kindly_Boysenberry_7

I'm happy for people to invest in real property. I am just disgusted by the people who are buying up real estate to use as short term rentals (STRs), knowing they are flaunting the law. The law exists to balance the interests of homeowners who want to make additional money vs. the needs of the community.

If you live in a triplex and decide to operate the two other units as Airbnbs - that's legal under the City law and fine with me, so long as you register your units and pay the fees. If you have a garage apartment on your property and you want to make that an Airbnb, again, fine with me, it's legal under the law so long as you register with the City.

However, what is NOT COOL with me is for people to buy homes or multifamily buildings in the City, NOT live in them, and turn them into Airbnbs.

Want to buy real estate as an investment and use it as a year-round-rental? That's perfectly fine. I think investors who don't have real estate as part of their portfolio are making a mistake. But I also think the public policy of restricting Airbnbs in order to ensure there is enough affordable and available housing for real people, residents of this City, is the right approach. And it infuriates me that people are blatantly ignoring the law and then screaming about "my rights!"

The_Cawing_Chemist t1_j6owgyj wrote on January 31, 2023 at 9:25 PM

Is Richmond enough of a tourist destination for a significant amount of inventory to be gobbled up by those greedy STR investors?

Kindly_Boysenberry_7 OP t1_j6oyxlr wrote on January 31, 2023 at 9:40 PM

Yes. We have a problem Airbnb in my neighborhood. Turns out the owner is an out-of-town investor who owns 23 PROPERTIES in the City. That's one dude. Many of the properties are in what I consider the first time buyer price range. How do you feel about someone coming into the City and taking 20+ properties out of inventory for either homebuyers or year-round tenants?

Remember, before the huge rise in STRs over the last three years, most investor-owned properties would have been "normal" rentals.

ETA: Spelling