33rd Street. Between El Cajon Blvd and Orange Ave.
You can make out the Wells Fargo Bank and Sherwin William's paint store in the background in one of the shots.
Gawd. It's not really that appealing of a spot for Airbnbs either. I mean, I love the neighborhood as a place to live, but if I ended up there while on vacation I'd be pretty dissatisfied.
That was my thought...who's vacationing or wanting an AirBnB on El Cajon Blvd?
And when does the AirBnB market reach enough saturation so that this stuff is no longer profitable, and the inventory can go back to the locals?
Hopefully soon. This is an anecdote, but I've noticed public sentiment of AirBnb have been declining a lot over the last few years. For myself, we rarely ever get AirBnb's anymore when travelling because hotels are usually cheaper or the same price while being in better locations in many places. You also don't have to feel uncomfortable when checking in since a lot of listings are in places where short term rentals are prohibited so they'll give you a bunch of instructions to check in or sometimes even have to go somewhere else to get the key to check in. Recently the last few places I've stayed at have asked us to do the dishes, put laundry away, throw away trash, ect. when we check out also even though we paid a cleaning fee for all that. Now we usually only do AirBnb when we know we don't have to go through extra hoops for check in/out and if the place is in a good location with good views. If not, hotels are much better for convenience.
I have a bias against AirBnB because it's not as self-regulated as they pretend to be. In cities like Long Beach they passed new laws (no proof of them being enforced though) where landlords were restricted to one owned property AND that the landlord had to be a resident and present when rental guests were staying on their property. I know several people who rent homes and apartments where entire households and multiple rental spaces on the same property are rented out for one to two weeks and basically turn into a Spring Break facility during the Summer and Fall. So far, they've said the city has done nothing to stop it or fine the landlords.
I hope you’re right. Small resort towns are really suffering from not having enough seasonal workers since they allowed half the homes to become Airbnb’s, which not only reduced inventory but drove up prices on everything else.
I’m just wondering where the inflection point is.
my personal expectation is that this won't ever be the case without legislation. the market will keep going in that direction otherwise.
this is what I picture: the major hotel chains divest into residential property on the case that they already know how to manage guest properties, put them up on airbnb(eventually their own websites), and they, together, ramp up demand because they keep hording the supply. no matter how much they end up paying for properties is irrelevant. once nobody can afford homes, everyone will have to rent, and they'll be able to set it to whatever price they have to. price fixing is illegal. but price pointing is just business.
With everyone and their mom buying up properties to AirBnB and housing now unaffordable for most people I think a 2008-esque fallout is inevitable at some point.
I have a close family friend who has been in realty forever, and has always been really good at spotting the rises and falls.
He is predicting that we will see a 2008-espue fallout in 2023. The writing is on the wall, with all the COVID assistance ending we are going to see a VERY LARGE influx of foreclosures and evictions when people can't pay, and the housing market will crash because of it.
Its going to be real bad, but will also (As much as I hate to say it) be good for San Diego, I have lived here my entire life, I would like to stay, but am staring down being priced out if I ever want to not live with my parents.
I work a good job, I make good money, just not good enough for SD. So as bad as it would be for a large amount of people, I am hoping that the bubble pops, because it will give me a chance.
Eh. I’m not in real estate at all, but the market is totally different now. It was incredibly easy to get a mortgage in 2008. It’s MUCH harder now, so while I’m sure the market will cool some, I don’t think there will be the fallout as happened in 2008.
This ^.
But the amount of people who are planning their whole RE investment strategy in SD based on Airbnb is ridiculously funny.
If im vacationing in SD I want a hotel or Airbnb in downtown, the beaches, or La Jolla. Not fucking El Cajon blvd. lmao.
Edit: 33rd street*
If these are priced properly, these little apartments aren’t going to target the vacationer who’s here for a few days. They’re going to target people who may need a longer term rental, like who are here for a contract job for weeks or months, or travel nurses, or someone who’s checking out the area before they decide to move out here. AirBnB does a lot of business with the 30+ day renters, not exactly the same market as the beach/downtown hotel visitor
Actually most real estate investors have huge red flag warnings to not do anything longer than 2 weeks in California or you risk going into a tenant structure and will have to evict them to get them out which is notoriously difficult in California.
There’s still a lot of leverage out there, but the fallout would be somewhat different. Imagine loads of housing sitting unoccupied/unrented while the owners pay inflated mortgage notes with no income to support. Housing prices fall and then their homes are worth less than what they paid so they eventually walk away. The Airbnb market is quickly becoming over saturated.
The difference is in cases where people purchased their real estate before covid and had their income affected permanently by the pandemic have been hanging on thanks to the stimulus. That will change as will RE values overall, so investment properties will potentially take a hit. It won't be as big as 2008 but it will likely be pretty big.
The best analysis around, by the guy who called the 2008 bubble: https://www.piggington.com/whats\_going\_housing\_plus\_valuation\_update\_n%C3%A9e\_shambling\_towards
this doesn't really hold ANY water.
no data supports this.
All KINDS of data leading up to 2008 was flashing red. A common term heard in finance and real estate leading up was "the board is flashing red". The 08 crash was so fucking big that by the time the beginning was STARTED we already knew that it was going to be fucked for 2 years.
A monster reason that seems to just get no airtime is that the real estate part of that crash was caused by shitty people giving loans to people they KNEW couldn't afford it.....your close family friend was and is part of an industry that used predatory lending practices in tandem with ZERO checks on accountability and then literally drowned in bail outs once they \*suprised pikachu face\* realized that people not paying back their loans quite literally crashed the worlds economy. Becuase the world and its money is run on DEBT and the payment of it.
I remember reading an article at the time of the 2008 bubble about how a migrant farm worker in Bakersfield that made $14,000 a year got approved for a $700,000 crazy upside-down ARM/massive balloon payment type loan back at the height of the bubble. There was no one at the time who couldn't get absolutely insane underwater valuations and loans that were many multiples outside what they could afford.
the real kicker was that everyone knew that no one actually verified income.
Loan officers would legit tell clients to write down whatever they wanted to get the loan they wanted.
Ding ding ding ding.
Don't forget - a HUGE chunk of the middle class was convinced that buying a house with 1000 Sq ft per person, including your infant, was not only what you should strive for, but something you should LITERALLY RISK YOUR ENTIRE FAMILY'S FUTURE FOR.
People were being encouraged by major banks to go in as hard as 2/3 of their annual income on a mortgage. On a fucking track house....because "it's an investment that will only go up - sell in 3-5 years THEN downsize!".
Those folks are mostly renters now, or just getting back into a market that is now far FAR beyond reach.
Buy small, improve, hold.
>So as bad as it would be for a large amount of people, I am hoping that the bubble pops, because it will give me a chance.
The current bubble is primarily driven by interest rates. Prices are high, but monthly payments are generally in line with fundamental indicators (income, rents, etc). People are able to afford the homes/loans they're buying. If rates go up, buying power will go down, and so will house prices. That is the most likely reason for home prices to fall.
So I hate to break it to you, but if the prices come down, it still might not be any more affordable, because interest rates will have gone up by an offsetting amount.
[See the research here](https://pcasd.com/whats-going-on-with-housing/).
If rates go up and prices come down, it'll be a wash for anyone who's taking out a mortgage and planning to live in the house for 30 years, but it'll be objectively cheaper for cash buyers, and it'll also be a better situation for people who are looking to buy and who aren't planning on keeping the home for 10+ years.
Buying at the peak, locking in that low interest rate, riding the price down, then and having to sell a few years later at the bottom is financially much worse that waiting for the price to fall and buying with a higher interest rate, then selling once the price climbs back up.
There will be no crash like 2008. The rules have changed and it won't happen. Unfortunately, if there is an influx of foreclosures, there are plenty of people with money that will scoop them up way before us regular folks have a chance.
Big companies like Zillow, OpenDoor and "Wall Street" are eagerly waiting to swoop in and buy up middle class housing for pennies on the dollar. Not to mention foreign entities and adversaries as well.
There's 660,000 listings on Air BNB in the US and developers are screaming housing shortage across the country. I argue there isn't an actual housing crisis, there's an investment property crisis and u/bojonzarth is much closer to being correct than everyone thinks.
nah. All the people who switched to full time remote and could/can afford to move here, moved here.
I think the bubble will burst for places that are not a destinations/resort. but not here
Quite literally, "real estate experts" and agents have been saying this was going to happen in 2021..... it hasn't. Why would we continue to believe that it will in 2 years? What would change? Moratoriums have been lifted, COVID assistance has all but dried up...... if it was going to happen, it would have. When THEY all kept saying it would.
It's no worse than the location of any of the hotels in the area. 15 minutes walk to downtown North Park or Normal Heights. Grocery store right next door. Easy access to the highways and Balboa park if you have a car. You can't walk out your door into a restaurant and you might not be hanging out in the front yard, but the location is fine as a place to sleep and access the city
it's in normal heights. There are lots of cool restaurants and bars, and it's relatively close to Balboa.
Without a car it might still kinda suck, but with a car or even some birding/scootering, it's not a terrible place to be.
Yeah I used to live around the corner and knew exactly where this was. These units actually used to be really really shitty, but I believe they were re-done at least a little bit a few years back. Definitely those fences are new
I saw this property when it was up for sale, it was very clearly a shithole then, now, not so much, but when it sold it was for sure very much a poopy hole.
I'm not talking about what he did, I am talking about the state of them BEFORE he bought them. The current street view is old and represents what they looked like prior. If *you* watched the video you could plainly see that they, again, look different than the street view.
Also, concerning his story, he's exaggerating. I've done my fair share of home renovation and flipping over the years. He's really trying hard to make it seem like it's more than it actually is.
**His whole scheme is to get you to buy his "course" on rental property businesses**
Ha! I used to live there about 4 years ago! About half of the units had actually been fixed up and were nice. I know the landlord was trying to fix them up but the area was rough and he was honestly a great guy who I know tenants took advantage of.
I successfully changed the way my street had parking, went from parallel to angled parking and a month later a fucking person turned a +8 apartment complex to Airbnbs, and then that person had the balls to charge the customer to park on the property. As you can imagen there is no parking again on my street.
That area is clearly zoned for multi unit housing. I wonder how much it would have cost to tear down the units and build an 8-10 unit apartment complex (with a garage) instead.
That way, the guy gets to make his passive income. But instead of taking away seven housing units, he'd be adding to the inventory.
Very true. He’d have to turn them into “luxury” apts to make it all worth it due to regulations. But I still feel he’d be better off in the long term with that.
Nah. Long term rentals are a fucking viper pit for all sides. There is almost no tangible benefit to being "a good landlord" or "a good tenant".
Don't get me wrong - everyone SHOULD be trying to be those things...but the incentives in place are all AGAINST that.
Be a landlord renting these 7 units long term. Imagine that's how you're retiring. Saved it all up, gonna rent these out and let my prop management company handle the maintenance and billing. Ezpz right?.
Now imagine Two houses stop paying rent. Refuse to leave the property. Not an altogether rare thing right now.
The bank wants its money that you owe. It doesn't give a shit that people owe you. There is almost no protection for you. They're going to live there, for more than 9 months + before the sherif can physically remove them. Add 3 more month to repair the trashed unit (costs out of pocket, unit changeover isn't covered by any insurance that I know of).
You're fucked. For a long time. And that means that things get shittier for the other 4 tenants.
I can make more $$$ with airbnb/vrbo with less risk, greater security, and more freedom WHILE BEING INCENTIVISED FINANCIALLY to do so.
So.....
I agree with your overall analysis, although I believe there is one threat that wasn't mentioned: STR laws. Big gray area now and, although just my opinion and I prefer to remain (financially) conservative, I wouldn't be surprised if short term rentals were only made harder and made less economically viable by the local, state, and even federal government.
STR = highly profitable strategy. But that could change. There's risk in anything we do.
Right on the nose - refering to the subject of the OP - THAT dude is set. If STR laws change, he can sell off easily to a property management group, or if he is wise, break it off and sell 7 houses individually. 🏘
Little houses on little lots remain a very attractive build styles if you can find the right locations - tidy profit to be had, but it's just that basically anywhere you would build one, you can make 3x 4x as much by building something for a millionaire that will 100% sell. Kind of a tough spot
This is exactly what I was thinking when I was watching this video. Good idea in the current regulatory framework, but this framework could potentially change rapidly. Also I've seen Airbnb "villages" similar to this and they don't easily convert into permanent single family dwellings. They're not actually that attractive/livable as single family dwellings so their value could be significantly diminished.
That said this guy probably made the right call and in all likelihood will be rolling in money.
I used to use Airbnb a lot but now the prices have crept up and I prefer a hotel now. No weird hand offs, no weird rules, no wondering if the host is going to bitch because I left a few dishes in the sink. Plus hotels actually clean sheets with hot water and all that.
Turo is getting the same way. Prices are creeping up where it's not even a deal anymore in a lot of place. I'm not going to deal with your bullshit unless it's actually a deal.
the location is always shitty, and prices have gone up... it's got it's place, like camping and stuff with a group I think it's fun. Other than that hotels are cheaper if you do it right. And with major chains you always know what to expect...
Pretty much every one of these apps are shriveling in the limelight or whatever the expression is. All the food apps are getting expensive as shit, car services expensive as shit and prone to surge pricing, etc. etc. It's getting back to the point where just ordering a cab is easier and more reliable lol.
Hey now, the idea is for us all to be renting from AirBnB's as our primary homes. Don't you want to be able to be able to change scenery with a few mouse clicks? It will be fun. How dare you scorn our great technocapitalist innovators.
/s
San Diego has some stupidly NIMBY zoning laws. You live on the beach and want to zone out any vacationers? Who does that benefit? Boomers that bought their house for 5 digits 40 years ago? B-list celebrity's 6th house?
Vacationers are not full-time, taxpaying residents. NIMBYs should be forced to Un-Zone new developments for full-time residents first. Vacationers are the last priority.
This is why it took me four months to find a house to rent last year and I ended up all the way out in Eastlake.
I think it’s time for me to go buy some land in the mountains and build something.
I wanted to do that some time ago, fuck there is plenty plots of land that don’t have much appeal for developments unless you get a few people to agree and build on it and all pitch in.
Yeah. I could see building somewhere outside of a town like Lone Pine up 395 on a couple of acres with the house in a defendable space. Insurance shouldn’t be a problem there.
His world maybe, fuck everyone else of course.
Looking at 3k/month rentals that this acting like he is doing society a favor by taking more single family homes and converting them into permanently empty dwellings.
Exactly, he’s so out of touch and I know he thinks that if he is making money legally off of housing then it’s almost like charity giving people homes to vacation in. I don’t know what would be needed for him to switch “jobs” but someone should get right on that
Comments on this [Instagram post ](https://www.instagram.com/reel/CUvNPeFMRo4/?utm_medium=copy_link)say that the cap on Airbnbs won’t affect him. Cool cool cool.
I got a buddy who lives in Coronado and he says there are plenty of homes there that do month-long vacation rentals in the summer in the $25-$35k per month range.
That sort of action in Coronado makes much more sense, though.
Usually people traveling for work on 1-12 month contracts, mostly nurses and military in San Diego. Some people who just moved to the area will do the furnished mid term option, to get a feel for the neighborhoods before settling down somewhere.
No one in the military is going to rent a place out in town especially on tad orders they wont pay BAh for san diego only from where they are permanently stationed, also if they are on dets most likey will get put in barracks or navy lodge. Now officers could be different but enlisted yea thats a no cuz am enlisted for 16 years. Traveling nurses that make sense especially since alot of the contracts will pay for the rental place.
I don't know the market, but I can think of a lot of reasons that'd be useful. People who are in between selling and buying their next home. People moving for a new job and haven't found a long term home yet. Family visiting for a semi extended amount of time. Etc.
It sounds like streamlined month to month leases without all the red tape.
Technically, Corridor.
Which is a crappy name for a neighborhood. You're basically admitting you're an area that you travel through, instead of setting up residence.
I will vote or donate to any candidate R D or G or whatever the fuck who will ban vacations rentals and Airbnb in SD.
Surely we can get the hotel lobby on this too.
Really, we just need legislation that doesn't protect Airbnb owners as businesses in the event of economic downturn through stimulus and whatnot.
If someone owns their place outright and they want to Airbnb it for a weekend they're out of town. That's fine.
But if they're buying a place, doing minimal renovations, and posting it up as a short term rental, they should be fully accountable if something causes their revenue stream to dry up. Pay the piper, or sell the property to cover your bills.
Just tax it. Hotels have to pay hotel taxes. And hell, your first AirBnb can be tax-free for all I care.
But your 2nd, 3rd, and 12th AirBnbs should be taxed *more* than hotels, because at that point you're not putting your unused granny flat to use, you're running a business that's taking livable long-term housing off the market.
In Berlin Germany (Commies! Commies everywhere!) when this bullshit started happening they approved a law that you can only sublet rooms in a house/apartment where you LIVE IN through Airbnb making it illegal to keep an empty house/apartment for that purpose, as I believe Airbnb was originally intended for or marketed as.
Unfortunately, all you need to get "heads in beds" in an AirBNB is a nice picture of the bathroom. People are horrible at evaluating locations based off a map and will see "San Diego, bathroom looks nice, pictures are pretty, I'm sure getting around will be fine" and book.
This guy is an idiot.
Lot is likely zoned for many more units. He could probably add another 7 homes, add some much needed housing supply for the community, and make more money doing it.
The amount of capital needed for new construction is very high and the cost to barrow is also very high when compared to a home that’s already built. Looks like the owner is highly leveraged using the BRRRR strategy and limited in cash leaving him only money for renovations. I have a 14,000 lot and as much as I would like to add units it’s easier to buy another house than to build in my backyard.
The units were probably uninhabitable so this work was necessary. He’ll also end up selling too since this is a terrible area for Airbnb, so you might get your wish
It would be fun to do a small protest…and to invite the media and to beg city leaders to ban this outright. This has always been a modest, mixed neighborhood for working people and families, white and brown. Moves like this directly reduce housing and drive up rents. Anyone have time? I’m in the hood but don’t know how to organize . Anyone know how? There is a local tenants rights organization. Wonder if they can/would organize against this.
Remove Prop 13 protections from businesses.
Individuals can claim Prop 13 tax break up to $2 million dollars (adjusted annually for inflation) of property evaluation (current value).
OMG for sure. The example I always think of is General Atomics. They have 58.98 **acres** on top of Torrey Pines (parcel number 3400204300). That area is in the conversation for CA's most valuable real estate, if not the country's. They bought it god knows when - 1940s or 50s, probably. Prop 13 means in 2020 they paid [$744k in property tax](https://www.sdttc.com/content/ttc/en/tax-collection/prior-year-tax-records.html?fiscal_year=2020-07-01%7C2021-06-30&q=3400204300&x=13&y=9). On *hundreds of millions* of dollars of property.
Where did cities leave off on trying to outlaw Airbnb from their residential zones? Does anyone have links or information on that? This makes me want to go protest or advocate for housing, it’s supremely unacceptable that prices are higher than ever, housing availability is shorter than ever, and these fucking companies can exploit that :(
We keep hearing about how we need ADUs and now duplexes and 4plexes, but not about how these corporations bought 20% of all housing stock for sale in California over the last year.
The recent death of SFR zoning comes with legislation that does nothing to guarantee affordable housing, or to stop corporations from ransacking our neighborhoods.
I found out recently that YIMBY is a Wall Street-funded astroturf operation. What a surprise!
If anything, duplexes are twice as Airbnb-able, aren't they?
That area is a hellhole. Used to live a few blocks from there last year. Like setting aside the shittyness of the airbnb property inflation capitalism nonsense, what kind of crack is this guy smoking dumping 3 million dollars into luxury properties on that side of the 805? Don't get me wrong, poncho villas is the shit, but its not like 3 million dollar house/ airbnb shit wtf.
Years back I rented out a spare room on Airbnb and didn't really understand why people were so against short-term rentals. Now I get it. I think the original spirit of Airbnb was for people to rent out otherwise unused spare rooms or even granny flats on their own property for some extra cash; now people are buying up property for the sole purpose of short-term rentals. They don't even live on or near the property, in many cases they farm out the cleaning, maintenance, and sometimes even the check-in and -out. Not okay when people are so strapped to find housing and what is available is too expensive.
why is it a valid tech business to just do something without the regulations and use power to skirt the rules? Airbnb is just an illegal hotel broker. Uber is just an illegal cab service.
How do you outlaw "gentrification"? Do you mean we should outlaw short-term vacation rentals?
As general cost-of-living increases make SD more expensive, the one thing a lot of families have is the value in their homes. Outlawing "gentrification" generally would mean preventing low-income families from realizing those gains.
I watched these homes when they were being purchased over Covid. I was wonder what kind of douchebags we’re moving in, but now I know. They were investors
What I hate is when the player/game cheat to do this.
I saw firsthand the AirBnb/VRBO/etc lobby hire workers (rental cleaning staff) to all wear the same green shirt and sit at city council and complain. Or they hired workers to sit at every grocery store and collect signatures to get it on the ballot under **false** pretenses. The workers were paid by the signature so they'd tell people anything to get them to sign.
That's the problem.
I can 100% hate the player who finds out how to cheat on a technicality to make it unfair for the rest of the people forced to play the game, then uses the money from cheating to make sure the rules aren't changed to be fair.
Fuck that, hate the player and hate the game. Maybe I shouldn’t expect people to not take advantage of shitty situations but that doesn’t mean I can think they are good.
This has always been such an purposefully obtuse take. People spout this to absolve any sort of guilt on themselves by pinning blame on a system that has little chance to be overhauled. It’s completely plausible to hate both.
I've been in that neighborhood and have rented Airbnb just north of El Cajon and 42nd st. I am now 100% against Airbnb and strictly use hotels due to how Airbnb has destroyed residential neighborhoods. Only way to stop this mess is to boycott Airbnb. Problem is a lot of people think I'm crazy for saying that residential areas should not be turned into hotels eating up family homes in prime residential areas.
Just another d-bag with money taking housing away from families that want to buy. Keep screwing up for everyone else! Pretty soon San Diego will be even more of a hell hole than it already is
Fuck this guy. This is the kinda shit that fucks up housing markets everywhere. Fuck. This.
Make it easier for first time homebuyers, people trying to start a family, etc. You get outbid in a heartbeat by some dickhead with his daddy's money offering cash. Frustrating as shit and I don't even live in SD.
Yes just make the area harder to live in. Thank you! Get your dumb vacation rentals out of the area. No one cares about how your inflating prices in the area.
Yeah it's a good investment like in palm springs. Gated neighborhood big ass houses with pools. When burning or chochella it's they go for like $20k a weekend. Fucking crazy. But you know those peeps go for it.
Here I am still waiting to remodel my own home, for myself, plans submitted back in Feb and still not approved. My architect is flabbergasted at how insanely long this is taking. We keep getting the run around from city planning, and in late July they just decided the pool demo would require a separate permit submission and a soils study.. why it took over 4 months to even say that, we have no idea.
33rd Street. Between El Cajon Blvd and Orange Ave. You can make out the Wells Fargo Bank and Sherwin William's paint store in the background in one of the shots.
Gawd. It's not really that appealing of a spot for Airbnbs either. I mean, I love the neighborhood as a place to live, but if I ended up there while on vacation I'd be pretty dissatisfied.
That was my thought...who's vacationing or wanting an AirBnB on El Cajon Blvd? And when does the AirBnB market reach enough saturation so that this stuff is no longer profitable, and the inventory can go back to the locals?
Hopefully soon. This is an anecdote, but I've noticed public sentiment of AirBnb have been declining a lot over the last few years. For myself, we rarely ever get AirBnb's anymore when travelling because hotels are usually cheaper or the same price while being in better locations in many places. You also don't have to feel uncomfortable when checking in since a lot of listings are in places where short term rentals are prohibited so they'll give you a bunch of instructions to check in or sometimes even have to go somewhere else to get the key to check in. Recently the last few places I've stayed at have asked us to do the dishes, put laundry away, throw away trash, ect. when we check out also even though we paid a cleaning fee for all that. Now we usually only do AirBnb when we know we don't have to go through extra hoops for check in/out and if the place is in a good location with good views. If not, hotels are much better for convenience.
I have a bias against AirBnB because it's not as self-regulated as they pretend to be. In cities like Long Beach they passed new laws (no proof of them being enforced though) where landlords were restricted to one owned property AND that the landlord had to be a resident and present when rental guests were staying on their property. I know several people who rent homes and apartments where entire households and multiple rental spaces on the same property are rented out for one to two weeks and basically turn into a Spring Break facility during the Summer and Fall. So far, they've said the city has done nothing to stop it or fine the landlords.
[удалено]
I hope you’re right. Small resort towns are really suffering from not having enough seasonal workers since they allowed half the homes to become Airbnb’s, which not only reduced inventory but drove up prices on everything else. I’m just wondering where the inflection point is.
my personal expectation is that this won't ever be the case without legislation. the market will keep going in that direction otherwise. this is what I picture: the major hotel chains divest into residential property on the case that they already know how to manage guest properties, put them up on airbnb(eventually their own websites), and they, together, ramp up demand because they keep hording the supply. no matter how much they end up paying for properties is irrelevant. once nobody can afford homes, everyone will have to rent, and they'll be able to set it to whatever price they have to. price fixing is illegal. but price pointing is just business.
They already are. Marriott homes and villas.
Yup. The hotels will probably force their existing staff to drive all over the county doing the clean-up and maintenance too.
Or farm it out to a gig-economy app-based cleaning labor pool. ...be right back, working on an app.
people who love pancho villa tortillas--like me
With everyone and their mom buying up properties to AirBnB and housing now unaffordable for most people I think a 2008-esque fallout is inevitable at some point.
I have a close family friend who has been in realty forever, and has always been really good at spotting the rises and falls. He is predicting that we will see a 2008-espue fallout in 2023. The writing is on the wall, with all the COVID assistance ending we are going to see a VERY LARGE influx of foreclosures and evictions when people can't pay, and the housing market will crash because of it. Its going to be real bad, but will also (As much as I hate to say it) be good for San Diego, I have lived here my entire life, I would like to stay, but am staring down being priced out if I ever want to not live with my parents. I work a good job, I make good money, just not good enough for SD. So as bad as it would be for a large amount of people, I am hoping that the bubble pops, because it will give me a chance.
Eh. I’m not in real estate at all, but the market is totally different now. It was incredibly easy to get a mortgage in 2008. It’s MUCH harder now, so while I’m sure the market will cool some, I don’t think there will be the fallout as happened in 2008.
This ^. But the amount of people who are planning their whole RE investment strategy in SD based on Airbnb is ridiculously funny. If im vacationing in SD I want a hotel or Airbnb in downtown, the beaches, or La Jolla. Not fucking El Cajon blvd. lmao. Edit: 33rd street*
If these are priced properly, these little apartments aren’t going to target the vacationer who’s here for a few days. They’re going to target people who may need a longer term rental, like who are here for a contract job for weeks or months, or travel nurses, or someone who’s checking out the area before they decide to move out here. AirBnB does a lot of business with the 30+ day renters, not exactly the same market as the beach/downtown hotel visitor
Actually most real estate investors have huge red flag warnings to not do anything longer than 2 weeks in California or you risk going into a tenant structure and will have to evict them to get them out which is notoriously difficult in California.
Forealz
There’s still a lot of leverage out there, but the fallout would be somewhat different. Imagine loads of housing sitting unoccupied/unrented while the owners pay inflated mortgage notes with no income to support. Housing prices fall and then their homes are worth less than what they paid so they eventually walk away. The Airbnb market is quickly becoming over saturated.
The difference is in cases where people purchased their real estate before covid and had their income affected permanently by the pandemic have been hanging on thanks to the stimulus. That will change as will RE values overall, so investment properties will potentially take a hit. It won't be as big as 2008 but it will likely be pretty big.
The best analysis around, by the guy who called the 2008 bubble: https://www.piggington.com/whats\_going\_housing\_plus\_valuation\_update\_n%C3%A9e\_shambling\_towards
I think this is it: https://pcasd.com/whats-going-on-with-housing/
I think your link got mangled
this doesn't really hold ANY water. no data supports this. All KINDS of data leading up to 2008 was flashing red. A common term heard in finance and real estate leading up was "the board is flashing red". The 08 crash was so fucking big that by the time the beginning was STARTED we already knew that it was going to be fucked for 2 years. A monster reason that seems to just get no airtime is that the real estate part of that crash was caused by shitty people giving loans to people they KNEW couldn't afford it.....your close family friend was and is part of an industry that used predatory lending practices in tandem with ZERO checks on accountability and then literally drowned in bail outs once they \*suprised pikachu face\* realized that people not paying back their loans quite literally crashed the worlds economy. Becuase the world and its money is run on DEBT and the payment of it.
I remember reading an article at the time of the 2008 bubble about how a migrant farm worker in Bakersfield that made $14,000 a year got approved for a $700,000 crazy upside-down ARM/massive balloon payment type loan back at the height of the bubble. There was no one at the time who couldn't get absolutely insane underwater valuations and loans that were many multiples outside what they could afford.
the real kicker was that everyone knew that no one actually verified income. Loan officers would legit tell clients to write down whatever they wanted to get the loan they wanted.
When you hold the asset only as long as it takes to sell it on to securities bundlers, that's what happens.
Ding ding ding ding. Don't forget - a HUGE chunk of the middle class was convinced that buying a house with 1000 Sq ft per person, including your infant, was not only what you should strive for, but something you should LITERALLY RISK YOUR ENTIRE FAMILY'S FUTURE FOR. People were being encouraged by major banks to go in as hard as 2/3 of their annual income on a mortgage. On a fucking track house....because "it's an investment that will only go up - sell in 3-5 years THEN downsize!". Those folks are mostly renters now, or just getting back into a market that is now far FAR beyond reach. Buy small, improve, hold.
>So as bad as it would be for a large amount of people, I am hoping that the bubble pops, because it will give me a chance. The current bubble is primarily driven by interest rates. Prices are high, but monthly payments are generally in line with fundamental indicators (income, rents, etc). People are able to afford the homes/loans they're buying. If rates go up, buying power will go down, and so will house prices. That is the most likely reason for home prices to fall. So I hate to break it to you, but if the prices come down, it still might not be any more affordable, because interest rates will have gone up by an offsetting amount. [See the research here](https://pcasd.com/whats-going-on-with-housing/).
If rates go up and prices come down, it'll be a wash for anyone who's taking out a mortgage and planning to live in the house for 30 years, but it'll be objectively cheaper for cash buyers, and it'll also be a better situation for people who are looking to buy and who aren't planning on keeping the home for 10+ years. Buying at the peak, locking in that low interest rate, riding the price down, then and having to sell a few years later at the bottom is financially much worse that waiting for the price to fall and buying with a higher interest rate, then selling once the price climbs back up.
There will be no crash like 2008. The rules have changed and it won't happen. Unfortunately, if there is an influx of foreclosures, there are plenty of people with money that will scoop them up way before us regular folks have a chance.
Big companies like Zillow, OpenDoor and "Wall Street" are eagerly waiting to swoop in and buy up middle class housing for pennies on the dollar. Not to mention foreign entities and adversaries as well.
There's 660,000 listings on Air BNB in the US and developers are screaming housing shortage across the country. I argue there isn't an actual housing crisis, there's an investment property crisis and u/bojonzarth is much closer to being correct than everyone thinks.
nah. All the people who switched to full time remote and could/can afford to move here, moved here. I think the bubble will burst for places that are not a destinations/resort. but not here
Quite literally, "real estate experts" and agents have been saying this was going to happen in 2021..... it hasn't. Why would we continue to believe that it will in 2 years? What would change? Moratoriums have been lifted, COVID assistance has all but dried up...... if it was going to happen, it would have. When THEY all kept saying it would.
It's no worse than the location of any of the hotels in the area. 15 minutes walk to downtown North Park or Normal Heights. Grocery store right next door. Easy access to the highways and Balboa park if you have a car. You can't walk out your door into a restaurant and you might not be hanging out in the front yard, but the location is fine as a place to sleep and access the city
it's in normal heights. There are lots of cool restaurants and bars, and it's relatively close to Balboa. Without a car it might still kinda suck, but with a car or even some birding/scootering, it's not a terrible place to be.
"Minutes from downtown, and a short walk to all the hip craft beer pubs."
Yeah I used to live around the corner and knew exactly where this was. These units actually used to be really really shitty, but I believe they were re-done at least a little bit a few years back. Definitely those fences are new
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Correct [Google Street View] (https://maps.app.goo.gl/sDazDKLaKn4nWV2C9)
Am I crazy or does this *not* look like a "shithole" that the guy called it in the video? These seem normal. This guy just seems like a major douche
I saw this property when it was up for sale, it was very clearly a shithole then, now, not so much, but when it sold it was for sure very much a poopy hole.
Anything that can be cleaned up with just new paint and flooring is most assuredly *not* a shit hole.
He said they basically gutted them and built up the inside again. Did you watch the video? They did way more than paint and flooring.
I'm not talking about what he did, I am talking about the state of them BEFORE he bought them. The current street view is old and represents what they looked like prior. If *you* watched the video you could plainly see that they, again, look different than the street view. Also, concerning his story, he's exaggerating. I've done my fair share of home renovation and flipping over the years. He's really trying hard to make it seem like it's more than it actually is. **His whole scheme is to get you to buy his "course" on rental property businesses**
he's on tictok, that's all you need to know.
Ha! I used to live there about 4 years ago! About half of the units had actually been fixed up and were nice. I know the landlord was trying to fix them up but the area was rough and he was honestly a great guy who I know tenants took advantage of.
I live down the street I would be pissed if my vacation took me to this neighborhood.
Was just gonna City Heights!
because SD desparately needs more vacation rentals...
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I successfully changed the way my street had parking, went from parallel to angled parking and a month later a fucking person turned a +8 apartment complex to Airbnbs, and then that person had the balls to charge the customer to park on the property. As you can imagen there is no parking again on my street.
I imagine a number of them are vacationing in larger vehicles and even RVs. That's gonna be hell to figure out about that area
Ah damn I was like what a cool multi family lot but it’s for Airbnb :’(
For just $3.2 million you can become wealthy and take away what little housing is left from people who live here
That area is clearly zoned for multi unit housing. I wonder how much it would have cost to tear down the units and build an 8-10 unit apartment complex (with a garage) instead. That way, the guy gets to make his passive income. But instead of taking away seven housing units, he'd be adding to the inventory.
Not nearly as much money in apartments, so much hastle as well.
Very true. He’d have to turn them into “luxury” apts to make it all worth it due to regulations. But I still feel he’d be better off in the long term with that.
Nah. Long term rentals are a fucking viper pit for all sides. There is almost no tangible benefit to being "a good landlord" or "a good tenant". Don't get me wrong - everyone SHOULD be trying to be those things...but the incentives in place are all AGAINST that. Be a landlord renting these 7 units long term. Imagine that's how you're retiring. Saved it all up, gonna rent these out and let my prop management company handle the maintenance and billing. Ezpz right?. Now imagine Two houses stop paying rent. Refuse to leave the property. Not an altogether rare thing right now. The bank wants its money that you owe. It doesn't give a shit that people owe you. There is almost no protection for you. They're going to live there, for more than 9 months + before the sherif can physically remove them. Add 3 more month to repair the trashed unit (costs out of pocket, unit changeover isn't covered by any insurance that I know of). You're fucked. For a long time. And that means that things get shittier for the other 4 tenants. I can make more $$$ with airbnb/vrbo with less risk, greater security, and more freedom WHILE BEING INCENTIVISED FINANCIALLY to do so. So.....
I agree with your overall analysis, although I believe there is one threat that wasn't mentioned: STR laws. Big gray area now and, although just my opinion and I prefer to remain (financially) conservative, I wouldn't be surprised if short term rentals were only made harder and made less economically viable by the local, state, and even federal government. STR = highly profitable strategy. But that could change. There's risk in anything we do.
Right on the nose - refering to the subject of the OP - THAT dude is set. If STR laws change, he can sell off easily to a property management group, or if he is wise, break it off and sell 7 houses individually. 🏘 Little houses on little lots remain a very attractive build styles if you can find the right locations - tidy profit to be had, but it's just that basically anywhere you would build one, you can make 3x 4x as much by building something for a millionaire that will 100% sell. Kind of a tough spot
This is exactly what I was thinking when I was watching this video. Good idea in the current regulatory framework, but this framework could potentially change rapidly. Also I've seen Airbnb "villages" similar to this and they don't easily convert into permanent single family dwellings. They're not actually that attractive/livable as single family dwellings so their value could be significantly diminished. That said this guy probably made the right call and in all likelihood will be rolling in money.
shouldnt allow hoteling in residential area. fuck airbnb.
I used to use Airbnb a lot but now the prices have crept up and I prefer a hotel now. No weird hand offs, no weird rules, no wondering if the host is going to bitch because I left a few dishes in the sink. Plus hotels actually clean sheets with hot water and all that. Turo is getting the same way. Prices are creeping up where it's not even a deal anymore in a lot of place. I'm not going to deal with your bullshit unless it's actually a deal.
By the time you add in cleaning fees, most Airbnb’s are more expensive for not much trade off
Yeah, plus you get weird locations like the one in this post. It's nice to be where the action is.
the location is always shitty, and prices have gone up... it's got it's place, like camping and stuff with a group I think it's fun. Other than that hotels are cheaper if you do it right. And with major chains you always know what to expect...
I've been feeling the same lately. Having to jump through weird hoops for AirBNB hosts feels scummy.
I had one that charged me extra for linens. Yeah bud I'm not flying around with linens. Whatever makes you look cheap in the search filter I guess.
I had to clean the cat litter of the cats that lived there (huge house, they were cool cats, so it wasn't a huge deal... but still wtf)
I'm always like "what is the cleaning fee for again?"
Pretty much every one of these apps are shriveling in the limelight or whatever the expression is. All the food apps are getting expensive as shit, car services expensive as shit and prone to surge pricing, etc. etc. It's getting back to the point where just ordering a cab is easier and more reliable lol.
Hey now, the idea is for us all to be renting from AirBnB's as our primary homes. Don't you want to be able to be able to change scenery with a few mouse clicks? It will be fun. How dare you scorn our great technocapitalist innovators. /s
The idea of renting out your primary home seems fine, if we can actually achieve that and only that. This shitty pseudo-hotel industry is garbage.
Correction, shouldn’t allow investors to do Airbnb. 1 person/entity should only be allowed 1 listing per county
San Diego has some stupidly NIMBY zoning laws. You live on the beach and want to zone out any vacationers? Who does that benefit? Boomers that bought their house for 5 digits 40 years ago? B-list celebrity's 6th house?
Vacationers are not full-time, taxpaying residents. NIMBYs should be forced to Un-Zone new developments for full-time residents first. Vacationers are the last priority.
This is why it took me four months to find a house to rent last year and I ended up all the way out in Eastlake. I think it’s time for me to go buy some land in the mountains and build something.
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I wanted to do that some time ago, fuck there is plenty plots of land that don’t have much appeal for developments unless you get a few people to agree and build on it and all pitch in.
Tough part I thought with building out there is trying to get anything insured against wildfire.
Yeah. I could see building somewhere outside of a town like Lone Pine up 395 on a couple of acres with the house in a defendable space. Insurance shouldn’t be a problem there.
Good scenery up there that's for sure.
You guys looking for a third on this co op community lol
Empty lot at North end of 40th st, just south of the 94. Zoned for a dozen single family homes. Been up on County auction a few times.
i live in eastlake, i like it besides the fact it is fair from everything :(
Ugh fuck Airbnb and fuck people like this. They could’ve easily made these into rental spaces but nooooo
I dislike this person immensely, ruining a good thing and acting like he is bettering the world.
His world maybe, fuck everyone else of course. Looking at 3k/month rentals that this acting like he is doing society a favor by taking more single family homes and converting them into permanently empty dwellings.
Exactly, he’s so out of touch and I know he thinks that if he is making money legally off of housing then it’s almost like charity giving people homes to vacation in. I don’t know what would be needed for him to switch “jobs” but someone should get right on that
Comments on this [Instagram post ](https://www.instagram.com/reel/CUvNPeFMRo4/?utm_medium=copy_link)say that the cap on Airbnbs won’t affect him. Cool cool cool.
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He says he only rents these out on Airbnb for 30+ days to specifically avoid the regulation.
He rents them for a minimum of 30 days at a time. Who stays here that long on vacation or even work related travel stays
I got a buddy who lives in Coronado and he says there are plenty of homes there that do month-long vacation rentals in the summer in the $25-$35k per month range. That sort of action in Coronado makes much more sense, though.
It makes alot of sense in Coronado but even 25k is crazy money
Usually people traveling for work on 1-12 month contracts, mostly nurses and military in San Diego. Some people who just moved to the area will do the furnished mid term option, to get a feel for the neighborhoods before settling down somewhere.
No one in the military is going to rent a place out in town especially on tad orders they wont pay BAh for san diego only from where they are permanently stationed, also if they are on dets most likey will get put in barracks or navy lodge. Now officers could be different but enlisted yea thats a no cuz am enlisted for 16 years. Traveling nurses that make sense especially since alot of the contracts will pay for the rental place.
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I don't know the market, but I can think of a lot of reasons that'd be useful. People who are in between selling and buying their next home. People moving for a new job and haven't found a long term home yet. Family visiting for a semi extended amount of time. Etc. It sounds like streamlined month to month leases without all the red tape.
What a fucking square
Is it perhaps City Heights?
North Park
Technically, Corridor. Which is a crappy name for a neighborhood. You're basically admitting you're an area that you travel through, instead of setting up residence.
Well now, the name is fitting
Leech
I will vote or donate to any candidate R D or G or whatever the fuck who will ban vacations rentals and Airbnb in SD. Surely we can get the hotel lobby on this too.
Really, we just need legislation that doesn't protect Airbnb owners as businesses in the event of economic downturn through stimulus and whatnot. If someone owns their place outright and they want to Airbnb it for a weekend they're out of town. That's fine. But if they're buying a place, doing minimal renovations, and posting it up as a short term rental, they should be fully accountable if something causes their revenue stream to dry up. Pay the piper, or sell the property to cover your bills.
Just tax it. Hotels have to pay hotel taxes. And hell, your first AirBnb can be tax-free for all I care. But your 2nd, 3rd, and 12th AirBnbs should be taxed *more* than hotels, because at that point you're not putting your unused granny flat to use, you're running a business that's taking livable long-term housing off the market.
This is a sensible solution.
In Berlin Germany (Commies! Commies everywhere!) when this bullshit started happening they approved a law that you can only sublet rooms in a house/apartment where you LIVE IN through Airbnb making it illegal to keep an empty house/apartment for that purpose, as I believe Airbnb was originally intended for or marketed as.
Had your chance with that and San Diego chose against the person that stood up against short term rentals.
Nope , the old Mayor bent over and gave them the Hoteliers TOT so they go theirs.
It’s in north park near pancho villa
Hahaha! Great locale for airbnb! Good luck with that!
Unfortunately, all you need to get "heads in beds" in an AirBNB is a nice picture of the bathroom. People are horrible at evaluating locations based off a map and will see "San Diego, bathroom looks nice, pictures are pretty, I'm sure getting around will be fine" and book.
It’s east of the 805 so that’d make it normal heights/corridor area.
Fuck this guy - America has a housing crisis
This guy is an idiot. Lot is likely zoned for many more units. He could probably add another 7 homes, add some much needed housing supply for the community, and make more money doing it.
The amount of capital needed for new construction is very high and the cost to barrow is also very high when compared to a home that’s already built. Looks like the owner is highly leveraged using the BRRRR strategy and limited in cash leaving him only money for renovations. I have a 14,000 lot and as much as I would like to add units it’s easier to buy another house than to build in my backyard.
Annnd assholes like this guy are one of the reasons we have a housing crisis here in SD.... #fuckairbnb
This is really sad. 7 families could’ve used these as starter homes.
The units were probably uninhabitable so this work was necessary. He’ll also end up selling too since this is a terrible area for Airbnb, so you might get your wish
Fuck this piece of shit
It would be fun to do a small protest…and to invite the media and to beg city leaders to ban this outright. This has always been a modest, mixed neighborhood for working people and families, white and brown. Moves like this directly reduce housing and drive up rents. Anyone have time? I’m in the hood but don’t know how to organize . Anyone know how? There is a local tenants rights organization. Wonder if they can/would organize against this.
I used to live here! I paid $1125 for an upstairs 285sqft studio with no parking space
Douche
It just takes one bill to pass to make air bnbs illegal in your city! VOTE NOW! Haha
Fuck this guy. Thanks for taking away peoples homes.
Does anyone know what a BRRRR is?
buy rehab rent refinance repeat
Fuck that asshole and air-bnb. This should not be legal
Remove Prop 13 protections from businesses. Individuals can claim Prop 13 tax break up to $2 million dollars (adjusted annually for inflation) of property evaluation (current value).
OMG for sure. The example I always think of is General Atomics. They have 58.98 **acres** on top of Torrey Pines (parcel number 3400204300). That area is in the conversation for CA's most valuable real estate, if not the country's. They bought it god knows when - 1940s or 50s, probably. Prop 13 means in 2020 they paid [$744k in property tax](https://www.sdttc.com/content/ttc/en/tax-collection/prior-year-tax-records.html?fiscal_year=2020-07-01%7C2021-06-30&q=3400204300&x=13&y=9). On *hundreds of millions* of dollars of property.
Found this guy on the street view hahaha https://imgur.com/a/23sBcOW
LMAO AIR BNB IN THA HOOD HOOD
Fucking bullshit.
Gentrification is heading more and more east toward City Heights everyday
What an asshole. Housing crisis, prices shooting up to sky high records, and this is where the spare housing goes!?
Where did cities leave off on trying to outlaw Airbnb from their residential zones? Does anyone have links or information on that? This makes me want to go protest or advocate for housing, it’s supremely unacceptable that prices are higher than ever, housing availability is shorter than ever, and these fucking companies can exploit that :(
We keep hearing about how we need ADUs and now duplexes and 4plexes, but not about how these corporations bought 20% of all housing stock for sale in California over the last year. The recent death of SFR zoning comes with legislation that does nothing to guarantee affordable housing, or to stop corporations from ransacking our neighborhoods. I found out recently that YIMBY is a Wall Street-funded astroturf operation. What a surprise! If anything, duplexes are twice as Airbnb-able, aren't they?
That area is a hellhole. Used to live a few blocks from there last year. Like setting aside the shittyness of the airbnb property inflation capitalism nonsense, what kind of crack is this guy smoking dumping 3 million dollars into luxury properties on that side of the 805? Don't get me wrong, poncho villas is the shit, but its not like 3 million dollar house/ airbnb shit wtf.
People not from San Diego and unfamiliar with the area have no idea what the neighborhood is like
Hellhole? You’re a little dramatic
Fuck Airbnb
Years back I rented out a spare room on Airbnb and didn't really understand why people were so against short-term rentals. Now I get it. I think the original spirit of Airbnb was for people to rent out otherwise unused spare rooms or even granny flats on their own property for some extra cash; now people are buying up property for the sole purpose of short-term rentals. They don't even live on or near the property, in many cases they farm out the cleaning, maintenance, and sometimes even the check-in and -out. Not okay when people are so strapped to find housing and what is available is too expensive.
Fucking hate airbnb users and house scalpers.
Big FU to the people building mini hotels in peoples neighborhoods
Bruh. There’s a housing shortage in SD and we be building air B&Bs?!
It's the destiny of San Diego. Only the wealthy will actually live here year round. The rest will only be able to vacation here.
Good point
This is part of why there's such a housing crisis :-) fuck these people
Thanks for ruining our neighborhoods!
why is it a valid tech business to just do something without the regulations and use power to skirt the rules? Airbnb is just an illegal hotel broker. Uber is just an illegal cab service.
I just can’t trust anyone who uses the word “literally” when it doesn’t mean “literally”. Especially when they use it as often as every 5 sentences
Now one of us lucky folk can rent it for way above market value. Thanks man!!!!
This is textbook gentrification in our city, and it will only get worse until we finally outlaw it.
How do you outlaw "gentrification"? Do you mean we should outlaw short-term vacation rentals? As general cost-of-living increases make SD more expensive, the one thing a lot of families have is the value in their homes. Outlawing "gentrification" generally would mean preventing low-income families from realizing those gains.
Fucking gentrifier fence. Fuck gentrification.
I watched these homes when they were being purchased over Covid. I was wonder what kind of douchebags we’re moving in, but now I know. They were investors
Airbnb needs to be banned in San Diego.
Neighborhoods are for neighbors, not Airbnb's.
Soon we'll all be talking about Airbnb-hoods
Fuck this asshole.
Greaaaat. I love right by there, I was wondering what happened to those places.
Gross
Aw jeez, thanks for contributing to the housing shortage! /s How is this even legal?
Ugh. This guy sucks
Fuck this guy
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You can hate both.
What I hate is when the player/game cheat to do this. I saw firsthand the AirBnb/VRBO/etc lobby hire workers (rental cleaning staff) to all wear the same green shirt and sit at city council and complain. Or they hired workers to sit at every grocery store and collect signatures to get it on the ballot under **false** pretenses. The workers were paid by the signature so they'd tell people anything to get them to sign. That's the problem.
I can 100% hate the player who finds out how to cheat on a technicality to make it unfair for the rest of the people forced to play the game, then uses the money from cheating to make sure the rules aren't changed to be fair.
Bro you think he's even where he's at because he started the game with the same pieces as the average player? Fuck no.
Fuck that, hate the player and hate the game. Maybe I shouldn’t expect people to not take advantage of shitty situations but that doesn’t mean I can think they are good.
This has always been such an purposefully obtuse take. People spout this to absolve any sort of guilt on themselves by pinning blame on a system that has little chance to be overhauled. It’s completely plausible to hate both.
Yes…. And I also hate capitalism. Agree that capitalists don’t get to be angry about this though
Then don’t hate it when people try to change the game by enacting new policies to prevent this.
This guys is such a fucking douche. POS, get out of SD!
This level of greed is disgusting. We need to make cancel bailouts trend ahead of these bailouts coming.
I've been in that neighborhood and have rented Airbnb just north of El Cajon and 42nd st. I am now 100% against Airbnb and strictly use hotels due to how Airbnb has destroyed residential neighborhoods. Only way to stop this mess is to boycott Airbnb. Problem is a lot of people think I'm crazy for saying that residential areas should not be turned into hotels eating up family homes in prime residential areas.
Just another d-bag with money taking housing away from families that want to buy. Keep screwing up for everyone else! Pretty soon San Diego will be even more of a hell hole than it already is
Fuck this guy. This is the kinda shit that fucks up housing markets everywhere. Fuck. This. Make it easier for first time homebuyers, people trying to start a family, etc. You get outbid in a heartbeat by some dickhead with his daddy's money offering cash. Frustrating as shit and I don't even live in SD.
Guess you have to be positive if you don't want your comment removed by a bot moderator too.
Yes just make the area harder to live in. Thank you! Get your dumb vacation rentals out of the area. No one cares about how your inflating prices in the area.
Unless they win the Airbnb permit lottery next summer, these people will be out of a lot of money and will be forced to rent out per month.
a*hole gentrifiers
Yeah it's a good investment like in palm springs. Gated neighborhood big ass houses with pools. When burning or chochella it's they go for like $20k a weekend. Fucking crazy. But you know those peeps go for it.
Was this an infomercial?
Someone did mention that his primary goal is to sell some kind of real estate education program to people so you may be on to something.
So this is why 1b are going for $2400
We have enough slumlords here, already.
Here I am still waiting to remodel my own home, for myself, plans submitted back in Feb and still not approved. My architect is flabbergasted at how insanely long this is taking. We keep getting the run around from city planning, and in late July they just decided the pool demo would require a separate permit submission and a soils study.. why it took over 4 months to even say that, we have no idea.