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In a nutshell most leases prohibit subleasing. I have a condo I rent out, if I have a long term tenant in there legally, it is cause I want less wear and tear on condo, I don't want to do the higher profit margin AIRBNB or VRBO stuff as I dont want the risk, annoy neighbors or get fines or penalties.
So I rent a place for lets say 2k a month I could rent out weekly and make 6k a month. I have given up 4k a month income. Why would I then let tenant do it andI as owner get all the risk, liability and possible fines and penalties but no profit. I would start to evict.
The other issue with VRBO and AirBNB is you are allowed roomates, allowed to let friends stay over, give the keys to your aunt and uncle for week so at first folks dont really notice. But then as you grow the issue becomes quite obvious.
Lets say you are a 30 year old black male who lives in a upscale Harlem condo or apt building. Building is composed of a similar population. Well you have Italian senior citzens one week, a gay couple from Russia, a Red Neck family from down South, Chinese folks from China and on and on. Many with luggage, speaking foreign languages, asking for directions, wearing I Love NY shirts, carring zagats guide you get my drift. It is pretty obvious you are running a hotel. And these folks from other places think it is legal so if asked they will say yes I am staying here for the week I rented the place on Airbnb etc.
You guys keep talking about Airbnb and Vrbo like if it's not happening and isn't growing. Of course there are people getting reported it would be ludicrous to think that it wouldn't happen. Thinking that Airbnb is solely responsible for raising rents is like blaming a weed smoker for the drug problem in America. The problem was here before Airbnb and is on a much larger scale. Gentrification, Real Estate corporations , Slumlords, Burning of building to collect insurance, Foreign investors buying Apartments to hide their cash etc...I can go and on. Not to mention people have been subleasing for generations. You have to understand the problem before you start drinking the kool-aid.
I understand that..and it makes alot of sense. Im not arguing particularly for high rents nor am arguing people to get bought out.Rather i am saying that airbnb is happening the same way prohibition happened. Same thing with Uber. The world is becoming more automated which is making the world we thought we knew is obsolete. Should there be regulation of course but people don't care and will continue to use airbnb.
The problem is that many who rent via AirBnB do not own the units that they rent, so they have no right to subject the property to hotel use, which is illegal according to the city. An apartment gives you the right to live in it, and you may have a roommate, as that has been established with legal precedent, even if some leases try to exclude the roommate provision. In a co-op, you do not own your unit, but shares in the corporation that owns the building, granting you a proprietary lease to the apartment that you occupy, but you must abide by board decisions and regulations, and co-op boards do not condone running an illegal hotel. You do not have the right as a tenant to subject the landlord and other residents of the building to additional risk by allowing unscreened, and potentially dangerous, people to have unlimited access to the building simply because they rented the room online. If you want to be in the hotel or B&B business, buy a property and get a business license. You can list those properties on AirBnB as well, and run a legitimate, legal business.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
What about people who own their apartments and house ? What about people who have had their rents raised 10 fold? What about the years of real estate manipulation at the hands of real estate businesses...You fail to see the point. People are not caring whether it's legal or not. As you can see..I am not here to argue about the legality which is in constant flux anyways...I'm here to talk about how Airbnb ,VRBO is changing city and state landscapes whether you like it or not. You can take advantage or not. Be against it or not. But it is here and mostly likely will change the all cities as we know it.
Other issue I dont get it no one in my condo building vetted a single condo owner. We do not have a board approval process. They could be murders, rapists etc. Also they have guests stay over, take on roomates, have spouses, kids living with them and guests coming and going as well as service workers. None of these folks are vetted.
So the fact the AIRBNB folks are not vetted or checked is silly in most building.
After I bought I found out one owner was charged with murder and got off and another owner is currently in prison. But I guess the fact two single 23 year old girls from France visiting via Airbnb is a security risk is laughable.
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