Vancouver is one of the world’s most unaffordable cities to live in worldwide.
This statement isn’t much of a shock to anyone living in the city. There are a number of factors contributing to the issue, but a couple stand out.
One of the most contentious topics around Vancouver’s housing crisis is Airbnb. While there are many proponents of the service, many people strongly oppose having it Vancouver.
Vancouver Airbnb Effects
A recent article by the CBC analyses the effects on the city, and spoke to some locals about their position on the matter. A study from McGill University argues that the majority of profits go toward wealthy hosts who consist of a slim minority.
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Moreover, the article conveys that the City of Vancouver expects the number of complaints from these rentals to double from the previous year’s.
While some tenants are making large incomes from their units, they may not even be legal to operate. Furthermore, if these units were freed up for rentals, there would be a considerable number of spaces of available to rent and therefore the cost of housing could go down.
A study by Business Vancouver concluded that about 3,888 units would be included in the market in the rental stock if it weren’t for Airbnb.