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The total number of short-term rentals of entire homes in the city’s five boroughs -- those listed on Airbnb Inc. and Expedia Group Inc.’s Vrbo -- is more than 13,000, according to third-party data tracker AirDNA. Meanwhile, rental inventory in Manhattan, Brooklyn and a portion of Queens hovers just over 7,500.
The vacancy rate in Manhattan sat at just over 1.5% last month, the second-lowest level on record, according to appraiser Miller Samuel Inc.
— Bloomberg
Adding to the all-too-familiar notion that short-term rentals have the ability to destroy the livability of a place in its entirety, new data from Douglas Elliman and AirDNA making the rounds today indicate a record-setting shift in the dynamics of urban life as the number of hosted retreats in... View full entry
San Francisco’s housing element, which will be before the planning commission for a hearing Thursday, must meet a tall order. Not only must it plan for 82,000 units but it also must create a blueprint for “fair housing.” That means that a significant amount of the new residential development must occur in “well-resourced” neighborhoods where discrimination and zoning rules have historically combined to keep out newcomers and new buildings. — The San Francisco Chronicle
The city’s compliance with the recommendations in the state-manded RHNA (or Regional Housing Needs Assessment) plan would mean tripling its current housing stock by the year 2031. It would also change the socio-economic fabric of the shifting neighborhood schematic, as a total of 85% of all new... View full entry
Los Angeles must rezone to accommodate an additional quarter-million new homes by mid-October after state housing regulators rejected the city’s long-term plan for growth.
If city leaders do not fix the housing plan or complete the rezoning by the new deadline, they could lose access to billions of dollars in affordable housing grants, officials with the state Department of Housing and Community Development said in a letter this week.
— LA Times
Los Angeles County had previously planned to add exactly 10% of the new mandate in the form of housing specifically for the homeless by the year 2025. It has also given some additional leeway to homeowners wishing to install ADUs, which can play a crucial role in meeting the state’s pressing... View full entry
What’s the root cause of Los Angeles’ affordable housing crisis? Many blame the new luxury housing developments springing up... driving up interest in the neighborhood and attracting hipsters. Landlords take notice and soon rents start climbing. That’s the story anyway.
But here’s the thing: If booming development in hot markets like Hollywood and downtown is why rents keep going up... why have the same price increases hit locales with extremely limited development?
— LA Times
"Because our problems aren’t driven by a local phenomenon but by a regional one: low residential vacancy rates. Nothing is more important, and data from the American Community Survey confirm this. Zooming out to look at the 20 largest U.S. cities rather than local ZIP codes, the... View full entry
