“Told You So!”

Couple updates back I explained how all the profits and income derived by locally owned and managed short term rentals REMAINS LOCAL. It’s something some on the city council just want to pretend is not important. Worse, they (some ) councilors feel a two bedroom apartment in a prime location with amazing ( read: someone invested a lot of money into their Airbnb!) upgrades will somehow become “ affordable” once short term rentals are banned. Sure it will ��‍♂️ The truth is if Airbnb is banned, that beauty of a two bedroom gets put on the market for $2200 to $3000. A far cry from affordable. You see when Airnbnb goes away ALL the short term rentals will be “ unaffordable “  Ok so I’m off topic. Today’s main point is that all these great Portland Hotels eventually get sold to hedge funds. You know “ those guys” the Left side of the council derides. The Billion dollar investment firms. And are those profits kept local? Ahhh. No. One of the best properties ( hotel) across from City Hall ( the irony:  exactly where councilors plan to torpedo short term rentals…they can see this gorgeous hotel from their window) just sold! New Owners are 3000 miles away. That’s where a good chunk of the profit will go. But Dear God some local small business guy or gal want to do an Airbnb!  It’s all nonsense.