Community for the city of Vancouver, BC
The equity that I’ve worked so hard for in these units has vanished in a day.
The equity is still there, dumbass, you just still owe on the mortgage.
[He] plans to list it for $150,000 less than he bought it for a year ago
You bought it a year ago?! How could you not see this was a likely thing to happen a year ago?
worked so hard
Ah, landlords. They truly labour harder than anyone else.
No shit. The writing wasn't just on the wall, it was spray painted on the ceilings, too!
Airbnb operators can cry me the Fraser friggin' River. There are a lot of people needing long term rent, we don't need the operators sucking out the supply.
but plans to list it for $150,000 less than he bought it for a year ago – its value walloped because in a matter of months, it will no longer be useable in most cases as an Airbnb, “The revenue stream dictates the value,”
The system works!
Welllll let's not get carried away there.
oh no...
... anyway!
Remember this moment the next time someone says that business people deserve wealth beyond the wildest dreams of avarice because they "took a risk".
The whole "took a risk" stuff is so dumb because in most cases what they risk is ending up with less money.. which is still more than most people have throughout their lifetime.
I'd feel totally safe risking 900 million USD if I already had 1 billion USD. What's the worst that can happen, like, really?
To add on to that, what gives people a special right to be able to take "risks" like that in the first place? It's not like the basis for risk taking is distributed in a way that most people can, so they're taking advantage of most people not even being able to as well as it being little real risk.
Just another way the game is rigged. If I spent every cent I had to create a risky startup, I'd be homeless. If someone from an affluent family spends every cent they have, they'd always be able to borrow life changing money (even 5k could change someone's life) or move in to someone's summer home, etc.
Yeah it's false to equate risk to investment.
Risking 50 dollars is very different to a wage slave than to someone in the middle class.
You have to look at the situation they're risking putting themselves into, not the number of dollars or hours of labor they're risking.
It's like when conservatives say they're in favour of equality of opportunity (but not in favour equality of outcome, a total red herring but that's a different rant). Like when has there ever been equality of opportunity?
The risk actually complete and utter bullshit anyway, especially if you're operating under a corporation.
Consider I take out $1m to start business. I buy a property and equipment for the business. I operate it for a year, make some money, then go bankrupt.
The bank takes back the business assets and ... That's it. They can't touch your personal assets unless you agreed to put them up as collateral. If it was a sole proprietorship your credit score goes to zero which sucks for a few years, but if it's a corporation the company goes bankrupt and you walk away scot free.
So I spent a year running a business, made some money, and wind up in the same place I started. What did I lose? Maybe a credit score and that's it.
If there is nothing to lose, then there is no risk.
Also remember these AirBnb owners are more often like you and I except absolute shitheads looking to exploit the market for their own personal gain.
The problem may be partly those in charge but we need to point the finger at ourselves. We all bought into the same system that encourages this shitty behaviour.
Nguyen says he makes enough by renting out his unit on Airbnb to cover its mortgage
Well it sounds like you shouldn't have done that.
It's not even the right calculation he should be considering - a mortgage payment pays down interest and principal. Rent should only be expected to cover the interest portion of a mortgage - anything that covers principal is basically free money for the landlord. This guy is basically upset because he can't find a tenant who'll give him a free house fast enough. I have no sympathy.
Made an investment.
Didn't work out.
Boo hoo.
good
🎻🎶
^🎻🎶^
Hahahahahahahaha!
"I work so hard" "fired staff" c'mon
Hahahahhaha, oh wait you're serious, let me laugh even harder. HAHAHAHHAHAHAHA!
to shreds, you say.
and his wife?
Good, get fucked.
Womp Womp
I'm okay with it.
Sucks to suck
So sell them? Or become a leech and rent them as a landlord? Housing is a human right and has always been in demand. Especially downtown in a major city.
Oh no! Anyway
the spin from the restaurant/tourism side is appalling, they are probably in bed or have stake in that short term rental industry as well but said they couldn't afford more employee or employee won't be able to stay local? what? how about other thousands not be able to find reasonably priced rental place to work in different industry?
If housing prices dropped regular residents could afford restaurant meals.
I literally don't care
Bagholder spotted.
Poor fella.
AirBnB should have never been allowed in an existing building. If you want to have a short term rental build a new building for it.
I think it was a good idea that went off the rails.
Let's say you were going to go on vacation for a week or two, then you could rent your house to someone for that time period and make a little money to cover your vacation while someone else gets a place to stay that was cheaper than a hotel while they're on vacation. Everybody wins.
But then people started turning it into a business and ruined it.
Nguyen some, ya lose some.
How many of these units are running in the GVRD?
Prepared to be unsurprised when this doesn’t fix the housing problem at all.
It's one part of it. Another is vacant places with foreign owners, another is and so on and so on