How AIRBNB Revolutionized the TOURISM Industry – VisualPolitik EN

How AIRBNB Revolutionized the TOURISM Industry – VisualPolitik EN


Let’s jump directly into the first question… Do you know how many tourists there were in
2017 around the world? Well… listen up… because this number may
make more than one of you jump out of your chair. According to data from the World Tourism Organization,
no less than 1322 million people traveled in 2017. More than 1.3 billion international tourists! And as you can imagine, this gigantic industry
generated more than 1.2 trillion dollars…. And, what do we find when there’s so much
business?… Companies! Well, in this video we’re going to focus
on a company founded in 2008, by two young guys who couldn’t afford rent, and which
in just 10 years became one of the 5 largest tourist corporations in the world. I’m sure you all know it, and I’m also
sure that many of you, if not most, have used it. Of course, we’re talking about Airbnb, the
largest accommodation company on the entire planet. Now, hated by some and loved by others, what
are its true dimensions? What purpose is it trying to achieve? What implications does it have? Well… let’s see. Everything that has to do with Airbnb is impressive… And no, I’m not exaggerating. Despite only being 10 years old, Airbnb has
managed to become the largest tourist accommodation company in the world. In fact, it sells more rooms than the next
4 companies in the ranking… together. You heard that right. See, the Marriott, Hilton, Intercontinental
and Wyndham chains, the 4 largest hotel chains in the world, have 3.3 million rooms altogether,
Airbnb, alone, as more than 4 million. We’re actually talking about almost 5 million
rooms spread over more than 190 countries. Through this platform, we can book a room
in more than 81,000 different cities. With these data, you can imagine the huge
panic that Airbnb has caused in the Boards of Directors of the largest hotel companies (“Airbnb is a mortal threat to the U.S.
hotel industry”. – Ian Schrager, American entrepreneur, hotelier
and real estate developer.) And… You know what? They have every reason to panic… Since it was launched, Airbnb has managed… 300 million reservations… but… if that
sounds like a lot, keep listening, because their numbers are growing so fast that the
company expects to surpass 1 billion reservations as of 2028… per year. But before we continue… one note: As you may know, most technology companies
lose money, sometimes a lot of money, in their first years. This is because they have to spend a lot to
start up the company, acquire technology, build a brand, get customers, etcetera, etcetera. And, of course, someone has to make the investment… Because at the end of the day, keep in mind
that many times the founders are students, engineers, designers… generally young people
who aren’t exactly billionaires. That’s why… in Silicon Valley and, practically
throughout the technological world, there’s an instrument that has become something like
the holy grail of the industry: the financing rounds. Allow me to explain, a start-up, when it’s
not listed on the stock market… meets with a bunch of venture capital investors and presents
its project… and then the investor, or investors who put
money on the table or, services such as contacts and legal or technological support, are sold
a part of the shares. And when the start-ups need more resources…
they launch more financing rounds. Well… in its latest financing round, Airbnb…
got 1 billion dollars for about 3% of its shares. That means that the investors valued the entire
company at 31 billion dollars. Not bad for just 10 years, right? But having said that… you may be wondering,
how on earth did a company founded by two young graduates manage to become such a huge
empire in such little time? Well… we’ll take a look at this, but first,
let’s look at where and how it all began. And I’ll tell you now, if the current numbers
are impressive, their origins aren’t far behind. Listen up. THE ROOTS) It’s the year 2007, you’re 26 years old,
you’ve just finished your studies and moved to seek fortune in the world capital of technological
entrepreneurship: San Francisco. But… of course… you have to pay a lot
to live in such a fashionable city… So, you get an apartment for $ 1,200 a month…
which you can barely afford. The question is, what would you do? Well, that’s precisely the question that
Brian Chesky and Joe Gebbia, two of Airbnb’s three parents, had to answer, when an opportunity
presented itself. There was a conference in the city, a designers
congress and the hotels were full… so… these two guys had an idea. They said… Why don’t we buy a couple of air mattresses,
put them in the living room and rent them out? Well… that’s precisely what they did:
they offered a mattress to sleep on and breakfast in exchange for a bit of money with which
to pay the rent. To find customers, they set up a website,
Airbedandbreakfast.com where customers could book a mattress in their living room. They got 3 customers, and made $80 on the
first night of the conference. (“It’s funny but we didn’t think ‘Air
bed and breakfast’ would be a big idea. We thought it might be able to pay the rent
until we could think of the big idea […] One thing I learned is, big ideas sound stupid
in the beginning”. – Brian Chesky, founder and CEO of Airbnb.) But… little by little they noticed that
the idea wasn’t so far-fetched. In February 2008, Nathan Blecharczyk, an architect
by profession, joined the project as the third co-founder. Airbnb was underway… Of course starting it wouldn’t be easy…
the concept was still an embryo… an idea that many investors thought was completely
insane. Think about it… a service to rent a bed,
an air mattress or even a sofa in a stranger’s house… it’s crazy! Right? So… they had to use their credit cards…
and their ingenuity. His first “lucky” strike came in the summer
of 2008: it was election year and the Democratic Party and Republican party primaries were
coming to an end… and as you know they end with a great convention where each party appoints
a candidate… in this case the nominees were Barack Obama and John McCain. Well, to advertise and raise funds, they released
breakfast cereal with the pictures of the candidates to the market… the best part
is that they caught the attention of a venture capital company that only a few months later
gave them 20,000 dollars… From there… my friends, their growth was
unstoppable and, today, a decade later, these two guys who couldn’t afford their rent…
have more than 3 billion dollars each… and appear in the rankings of the richest people. Come on… the American dream in all its glory. The fact is that throughout this process,
technology played a big role… but so did the philosophy of the project itself. See, as I’m sure you all know, AirBNB doesn’t
own apartments or hotels… it’s “simply” an intermediary. In a very synthetic way, the idea of the company
is something like: in the world there are many unused resources,
such as empty rooms and empty apartments. So if instead of investing in new resources,
we give the owners of those unused resources the opportunity to make or improve their income…
we can invest the money we have in technology. And now Airbnb has gone a step further…
it wants to do the same with people’s ingenuity.. So they’ve decided to launch an experience
service. Allow me to explain, a person performs an
activity… like bike riding, visiting monuments, wine tasting… whatever… and Airbnb offers
this experience to its customers. One of their best-known experiences is the
one you’re seeing, an adventure with which you can get to know the world of wolves. Its creator has already raised more than $ 300,000 The truth is that if you think about it…
connecting and exploiting underutilized assets and people’s services and creativity, isn’t
only a great idea… it also implies taking advantage of resources in a very efficient
way… while generating lots of benefits for society. Wait a second… Airbnb… Benefits? But… many politicians say that we need to
persecute or limit these types of companies… Well… yes benefits. Listen up. ( THE BENEFITS) Dear viewers, despite the bad publicity it’s
been having lately, Airbnb has brought a lot of benefits to society as a whole. For one, it’s making travel more affordable
for everyone. For example, in the US, the average rooms
offered by this platform are between 35% and 47% cheaper than the average rooms offered
by hotels in the same city. And… they have a much wider offer… you
can find almost anything that suits your preferences on Airbnb… even if, I don’t know… you
want a tree house. Obviously, this is an inexhaustible source
of wealth: more tourism, more services and more jobs. In fact, this platform’s users spend, on
average, twice as much as other tourists. But perhaps Airbnb’s greatest overall benefit…
has been that it’s allowed hundreds of thousands of people… usually middle-class people…
to become real entrepreneurs in the tourism sector. Thanks to Airbnb many families that had free
rooms, or an apartment, or bought an old one to restore and exploit it… now have a new
source of income… Since it was launched… the “hosts”, the
owners who rent their rooms and their houses, have received more than 41 billion dollars. And, the data is very clear about this, most
of the beneficiaries are middle-class families. Yes, I know, not everything is so beautiful… Airbnb has also generated some problems…
for example, in the busiest cities, average rent has increased, and some neighborhoods
have become very busy, to the displeasure of the neighbors… but… Aren’t cities supposed to be dynamic? Is it bad for a city to come alive and create
jobs and wealth? Isn’t the real problem in how expensive
houses are… often because of politicians, as we saw in this video? Well, we’ll talk about all that in a future
video… because there’s a lot to say about it. But now it’s your turn, what do you think
should be done with Airbnb? Leave your answer in the comments as well
as in the survey. I really hope you enjoyed this video, please
hit like if you did and don’t forget to subscribe to our channel for brand new videos. Also, don’t forget to check out our friends
at the Reconsider Media Podcast – they provided the vocals in this episode that were not mine! And as always, thanks for watching!

100 thoughts on “How AIRBNB Revolutionized the TOURISM Industry – VisualPolitik EN

  1. Airbnb is quite good. However, I think all cities (definitely big cities) should limit Airbnb only to people with less than 2 properties and less than a set amount of income per year (to balance out the low months).

  2. 2:33 I hate this sound effect/piece of music… It always makes me jump when it begins, it's too loud in the beginning

  3. Airbnb seemed good at first. But after staying at our last several places we’ve decided to never use their services again. They just don’t have any real say or obligation to the renters. Between hidden cameras hidden microphones and unexplainable sharing of the rented space even after selecting entire place. Simon left out the real scary part of renting through them

  4. They should scrap 'air' from their name. In the beginning it was a good idea. Now it it turns city's into Disney land. Locals move out. Not only for surging rents but for impossible living conditions. Which local want to live next to disrespectful selfistick tourists not only partying through the night but also disregard the rules of a building (waste etc.). Places like Amsterdam have become impossible. Very sad.

  5. Regulation is obviously necessary for the new internet based multinational companies from facebook to AirBNB in order for these globally operating ventures to tweak their models and fit into the local conditions. These regulations should be a perfect blend of accommodating both parties – the competitors losing money to new innovators such as AirBNB and at the same time ensuring that regulations don't become one sided and kill innovation.

    Example, here in India all service providers must ensure we pay GST to the Government for the services we provide to any client. Thus, AirBNB simply need to comply to these basic tax rules.

    Also, limit the stays to ensure hosts don't take advantage of the housing scenario.

    By the way, why don't you pick the best comments and feature them hahha…just saying 😉

  6. I think most of new internet tech companies, are basically filling the solution, that cannot be solve by our government.

  7. Yeah, isn't things really always the achievement the market, and the fault of politicians? How can people making money being bad? But seriously, why isn't the market producing tons on competition for them? They can't possibly have a copy right on setting up a webpage that connects people who want to rent and those who are renting out. If there's that much dough to be had these companys should be poppin' up like weeds. Or I'm I missing something?

  8. The idea is the same as site's like couchsurfing & co
    Or blablacar& Co and their origins (such Plattforms are not uncommon since more than a decade, but many at least start with no intention of making lots of money or they died for not being big enough)
    Thr new thing is not people renting places to sleep or travel.
    In many former Soviet states such (iligal) markets where riseing sinds the 80's
    New is just scale and will to earn more money, though technology adwandst findability.and

  9. I've used Airbnb a couple of times and to be frank it's an awesome service. The only problem I have with Airbnb is that they usually do not check if objects on their site have for example fire alarms but they do gladly send photographers to take pictures. They will need to fix this for me to further trust them.

  10. I hear what you are saying, but what about the part of society that ends up on the losing end? Benefits – yes, but these are highly concentrated. It's by no means Airbnb's fault, but a lot of regulations (NOT ALL) are there to moderate the development/deepening of inequality. In a global economy that does not function without growth, such tools mostly serve as incredibly efficient wealth concentrators. And while yes – Airbnb does funnel wealth to the middle class it's also the middle class footing the bill and propelling a number of investors further up the social ladder.

    Just think of how many barriers you need to clear before being able to make use of the platform – have a mobile device/pc, internet, spare house, money to travel…

    I love your channel and all the insights you bring us on a regular basis, but this video was a bit too much tooting Airbnb's horn. Can't wait for the next video on the topic 🙂

  11. All marketplace that increases competition might be good for the economy and consumers, Air b&b is one of this as can be Uber. Cities and gouvernements should not try to shut it down but manage to avoid black market as some kind of virtuous circle : more people, more taxes.

  12. I have been using Airbnb to look for accommodation when I travel to Hong Kong and New Zealand. Hong Kong is well known for the expensive house price. Airbnb able to help me to find cheap and not nasty accommodation in the expensive city. On the other hand, a lot of hostels and guest houses in Hong Kong use Airbnb as their marketing tool. In New Zealand, using Airbnb, I am able to find near 5-star-hotel quality accommodation in the price of an old motel room. I am sending this comment from an Airbnb room at Hawke's Bay, New Zealand.

  13. Hey VisualPolitik can you please make video about slovakia ? There was murder of the investigative journalist who was writing about Italian/Slovak mafia in Slovakia. Now slovakia is in big political turmoil. Anyway great channel !

  14. Circumventing domestic regulations and zoning, and negatively impacting regional housing….. yes AirBNB is just so amazing.

  15. The greatest concern of renting a property from Airbnb is mostly security. I mean you rent someone’s home from an company centered in USA and has no worldwide check or approval process for the properties in their website. It is basically black market.

  16. Good for the one person in the street who can afford a second home, bad for the 8 other residential properties in the immediate vicinity who have to put up with the constant stream of noisy tourists coming in at all hours. Tourism and travel shouldn't be viewed as a good thing for society, getting to travel 2/4/6/8/10 weeks at the cost of not knowing/getting along with your neighbours for the rest of the year is a net loss for society.

  17. lets not forget that AirBNB owns just the platform. they dont employ people, they dont do maintanance work.this seems to me troubeling. Everything that costs money is owned by the people and everything that generates money is owned by AirBNB

  18. Airbnb Make more people to travel. Low Stay Cost? Well Let's just depart and see. More People are spending(Who used to stay in the room).

  19. And of course governments and existing industry flipped and teamed up to attack it. Because of course they did.

  20. So strange that VRBO and CouchSurfing existed well before Airbnb, but never achieved this level of success.

  21. hey – i really enjoy the content you make – still i think its a bit of an oversight not to mention tax evasion and pushing hotel buissneses which pay tax into air bnb which does not for the price of the room and only for the few percent of add on… thats the real problem if that gets fizxed you could actually compete and not push housing prices and so on, until then everything they earn is based on a tax evasion exploit at the cost of every tax payer

  22. 11:40 "Is it bad for a city to come alive and create jobs and wealth?"
    Let me answer to that: I live in Algarve, Portugal. Our revenue comes from beach tourism, we praticly only work 6 months a year. The could months in Outumn and WIntes you don't even see a living soul on the streets, so we don't have jobs. By contrasts in Summer we need a lot of workers for hour businesses. The problem? People that use to come to work here on the high season don't come anymore because there is no rooms for them to sleep! Thanks Airbnb. Many places actualy close their doors because they don't have people to work.

  23. Hello Simon (from Simon). If I remember correctly you live in Prague (like me) and housing here are simply not affordable (less affordable than in the UK in fact – according to Deloitte property index 2017). Do you believe that AirBnB has contributed to the dramatic increase? Is it fine if people can buy building and turn them into AirBnB hotels without following the law and regulation for hotels?
    I appreciate the info in the video (I didnt know what the BnB standed for actually), but I lack the legal aspect. What do you think is the proper regulation? If owners dont follow the hotel (much stricter) regulation, should they be allowed to rent the appartment just for 3-6 months as this would more fit the idea of shared economy? I know Brits tend to be much less strict about regulating business.
    Thank you for your opinion.

  24. The problems about Air b&b is not Air b&b but outdated laws and, systems that are being disrupted. Air b&b and Uber is just making it clear.

  25. I guess you never watched the Adam Ruins Everything Air BnB episode.
    You mention that most of the profits go to middle class, but at the same time it causes rents to go up in large cities so in the end the middle class still end up paying more in terms of housing. It sounds to me like their are more losers than winners.

  26. Some apartments have rules against sublet, and some condos have HOAs that have rules against rentals. This seems to me that it covers people who have an issue with it.

  27. For someone living in the Netherlands, AirBNB is an absolute nightmare. Not that renting a room is expensive or anything, but most tourists using it are usually not the kind of people you want in your house. This is because they usually come to the Netherlands to drink alcohol, smoke weed and wreck their apartment. Not great thing if you get woken up because the AirBNB guests of your neigbour come back from partying at 4 a.m. and keep you up at night when your alarm is set at 7 a.m.

    But hey, it's cheap right?

  28. I think Airbnb is far from being perfect or reaching its full potential, because it only can focus on the global mess market, but cannot focus on the local aspect.

  29. I was hoping this vid would explain EXACTLY how the fuck Airbnb doesn't get shut down for operating unlicensed hotels. Yes, I know it's a "different model" but ultimately you have people without hotel licenses renting out rooms. I'd also like a clear explanation of how calling Uber or Lyft "ride sharing" somehow makes drivers NOT operators or unlicensed cabs. Can we just do illegal things now if we give them another name? Don't get me wrong, I love Airbnb and Uber, but how does the legal work-around work?

  30. Simon, there are huge downsides. Neighborhoods and entire cities are being destroyed by air b&b. Florence is now emptied out of actual Florentines. Tourists are pushing out residents. And, the hosts are not really making money. They are, like uber drivers, not making money. Rather they are converting the present depreciation of their assets to ready cash. They are selling the value of the asset for that period of time. They are not renting their houses little by little, they are selling them little by little until they are exhausted. Not even houses last forever.

  31. Uber is doing to the taxi industry what AIRBNB has done to the hotel industry. The concept is the same, the utilization of an underused resource. Where I live supermarkets used to close on a Friday afternoon and then reopen on the following Monday. An idea a younger generation would find pretty strange, but the concept of 24/7 is the same, the utilization of resources. So, what is next? The utilization of unemployed people in 3rd world countries to make clothes? Sorry that's been done too, despite the best efforts of Mr Trump. Surely there must be something else that can be done. What about growing carrots in my underutilized garden and selling them on the footpath? Humm, maybe…. not sure about that..

  32. With Airbnb rather than chilling for 10 hours in a US airport with immigration staff on my back waiting for my connecting flight for Brazil-China, I just traveled for 5 days in Rome for the same ammount of money I would be wasting for a US visa.

  33. As a carpenter, I am glad to see my friends and neighbors investing their air B&B earnings into renovations and upgrades on their homes and cabins. It has helped to raise my wages with all the extra work. I am glad for Air B&B

  34. What happens when the workers can no longer afford to live in the city. The middle class people are going to be bought by corporations cause they won't be able to afford the taxes associated with their property unless they AirBnB when it's not convenient. Eventually it's only cover the taxes. The new power will be who bought the properties and don't be shocked if it's AirBnB itself or some similar entity.

    Regulation will eventually happen or this will be the future. Homes are increasingly become less affordable.

  35. Airbnb significantly eased my last trip. Nevertheless, I can't say it's a perfect system. Governments may institute necessary/objective regulations, but the genuineness and usefulness of the innovation should not be underrated, misunderstood or rubbished.

  36. I love Airbnb so much! I could travel a lot more because i didn't have to pay for expensive hotels 🙂

  37. Simon, only a Sith deals in absolutes. I love AirBnB as much as the next person, and I know you are an unabashed Capitalist, but to simply brush the detrimental effects as unhappy side effects of vibrant cities is folly. An entire half of my island has now become unlivable because of AirBnB. Landlords can earn 3 times as much for the same properties that they were previously renting to locals. While they don't have occupancy 100% of the year, they still make more even at 50% occupancy. So they keep their properties empty half of the year in hopes of attracting AirBnB bookings.

    Thus the housing stock, while adequate for the population, is no longer affordable to locals, and many, especially young people, are forced to live at home into their 30s. This, in my opinion, is a strong case for government regulation and rent control. Free-wheeling capitalism can be dangerous and contributes to ever increasing inequality (something I'd love to see you address in a future video). With all things in life we must strive for balance, and Capitalism is not different.

  38. The problem with air bnb lies in the rising cost of rentals in big cities. Look at Germany where it became an issue that rich people who owned or bought extra apartments would get more money from air bnb as opposed to conventional renting out effectively running out poorer people. This is something to look at when considering a future shared economy as opposed to a ownership one.

  39. As I understand it there is already a strange AIRBNB side effect of people not renting their apartments in order to turn them into AIRBNBs. This is jacking up prices because these places are off the market. While I basically like the idea of AIRBNB. Like all things there are strange side effects. Also in the event of an economic crash these will be first to be hit.

  40. Please make more videos like this , extremely suits you …. Do on uber , instacart, and other shared economey models

  41. 10 seconds at the end for the company's disruption of the hotel industry and its massive contribution to housing pressure in cities across the globe, completely one-sided argument, poor effort

  42. The next step is decentralised "airbnb" on a blockchain. It will be much cheaper and more durable to corruption and hacking.

  43. Airbnb used to be cheaper than hostels, but now it's much more expensive (even some decent hotels are cheaper these days). And if you rent an entire place you end up being lonely while in hostels you meet a lot of colorful people.

  44. Airbnb? a money machine…

    Human where is he? Phone contact OK but no action behind! About 15 days ago I wrote my ad on the internet. Being in Asia, where there are frequent power outages, there was one during writing. When I resume I finish my advertisement which is published…. In the night several requests for 1-2 nights paid ! I had in my 1st edition: 5 NIGHTS MINIMUM and to ACCEPT or NOT the request !!!!

    Being embarrassed for those who had paid, I send an email to Airbnb France ….NOTHING.
    One of the requests was for 6 nights, so OK…about 400 €.
    I cancel the others and I receive penalties of more than 200 € ([email protected])….they take the money before we receive it!

    I call them the next day (16/7) from Asia…nice young woman but no power (I'll see if…). I ask that they remove the penalties because it is their SOFTWARE that does not keep the data that I had requested.

    It is indicated that Airbnb responds within 24 hours….. I said that if I wasn't satisfied I would cancel everything…
    NOTHING….no messages for 3 days…

    We are 4 days later… I receive an email saying that my "account is on break"… I no longer have access to be able to delete!!!!

    a machine like the future world….
    It's a good thing I'm in a mature age.

    A good hearer salute!

    Translated with www.DeepL.com/Translator

  45. We used to use Airbnb and booked no less than 12 different trips with them. Unfortunately, most of the experience was less than second-rate. Dirty home, uncomfortable beds, dirty towels… and well, the list is long. People do not understand that in order to host strangers in their home they have to think as a hotel and not as a place to crash for the night. Sadly, many hosts are absolutely not ready for guests. As an extreme example, In Prague we got a message a night before arriving that the booking was canceled with no explanation, we struggled to find a replacement. That happens more times than you think.

    We stopped using Airbnb about three years ago and always book hotels. The thing is, for a couple, booking a hotel is way cheaper and much more convenient. Rooms are cleaned daily, reception to get tourist information, plenty of towels and other amenities and more.

    We are going to be in Barcelona later this year so out of curiosity we checked Airbnb prices. Good hotels are around $190-$230 CDN a night including breakfast. Airbnb listings with comparable modern facilities, central location and amenities are higher than that for the night, many times much higher. Adding the very strange "cleaning" services (you should clean when new guests arrive, I should not pay for that) and service fees make many of them much more expensive.

    We booked a central hotel with modern decor, modern shower, a king size bed (almost unheard of in Airbnb) and including breakfast for $225 CDN a night, cannot find anything at this level of quality for that price on Airbnb

    Airbnb can be considered for groups or for people on a tight budget who do not mind sharing apartments and don't care for much more than a bed. For us Airbnb has very little value compare to hotels.

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  47. I don’t think anybody would want to live in a building filled with short term rentals.
    Imagine loud strangers coming in and out everyday.
    It wouldn’t be a safe place to be living in

  48. Benefits the middle class and makes use of property resources more efficient while threatening the old industry players? Of course the politicians would be against this!

  49. I think Airbnb is a great service and although there are challenges it’s provides jobs for people and opportunities for so many hosts

  50. Hi Simon, i'm italian , probably the toppest tourist country worldwide. The so-called Airbnb experience is something you find mainly in the countryside and especially in those who use the platform at the beginning. The reality is that in cities like Florence, Naples or Rome many foreigners are buying apartments to do business using airbnb AND THERE'S NO EXPERIENCE AT ALL, THEY JUST MAKE MONEY LIKE AN HOTEL, and many resident families have been kicked out of their homes for this. Abroad it has happened in Amsterdam and now they literally hunt airbnb houses' owners and made a law that allow you to use the apartment for short rental only 20 days a year. The founders perfectly know this, maybe not at the beginning, BUT THEY ARE REALLY AWARE NOW, so it's just another big business supposed to help others GOING VERY VERY BAD AND HURTING DEFENSELESS PEOPLE.

  51. It is important to stress what he merely mentions: In busy cities, Airbnb may and does drastically raise rent for people actually living there. In these places, it is not middle class people renting their rooms/homes while on vacations, it is people and companies renting often 5+ apartments and immediately renting them on Airbnb. Most of the people living in those cities simply cannot compete with that. This is a know fact, however unless you have not lived in one of those cities, you do not know how F'd up it is. Rents here rise about 12% every year, while many apartments stay empty for significant portions of the year, because it may be more profitable to accommodate a tourist for 15 days in a month than locals for 30. So much for efficient allocation of resources.
    Us young folks live in shitholes because of this, despite having relatively high paying jobs in finance, technology etc. I could absolutely not afford to live where I lived about 6 years ago despite the fact that I a making much more money. Regulation is necessary in popular tourist destinations. Tourism should never come at the cost of relocating local people. Renting out whole apartments in which no permanent residents live to tourists should only be allowed in places with measurable abundance of housing. A good example might be Detroit, USA or other places which experienced decline in population.
    There are of course always many more aspects to rent rising too high compared to local incomes, however Airbnb is one of the most significant ones, maybe second only to slow rate of new housing construction.

    Please consider using Couch surfing if you absolutely need the 'authentic' housing experience. You will not get it from Airbnb most of the time anyway.

  52. AirBNB comes at a time of QE that pushes asset prices up, ( Housing ) worsen by Interest parties and politics in Housing problems. And AirBnB makes thing many times worst. It further drive the inequality of people who don't have houses. In a perfect world we would have housing policy that is dynamic enough to fit for economic improvement from AibBnB. In reality we don't.

    But then again, it is free market and natural selection. Some people still don't understand why there are increasing instability and populist movement in many nations.

  53. I bought into a company in it's ICO called Locktrip and they are the block chains answer to Air BnB. They have only been running for about a year and have half a million listings. Recently, when they added a option to book through your VISA or Mastercard (they just set aside an equal amount of LOC utility tokens) the bookings started to move. It's just a matter of word of mouth and I am excited about this new industry so when I had a chance to see something being built on the Block Chain, I jumped on it!

  54. I use it when the hotels are overpriced, or if I want to stay longer than a couple of days. Downtown, airbnb is often overpriced as well, so there I prefer hotels.

  55. I have used airbn extensively since I retired, mosrtly in South America. For me it was a great opportunity to travel the world without having to know anybody beforehand: I find the system where lodgers and hosts can rate each other very helpful; I have witnessed how many people transform an unused asset )i.e., a spare room) into a source of income, which helps improve their lives. So airbnb helps connect travelers and hosts, and the new experiences provides more options to someone who wznts to see a place beyond what the standard tours offer.

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