How interesting this all is.
Quote: “I find this is just another example of money and power being concentrated in the hands of the few. Why shouldn’t individuals make some money out of their property? I for one will fight this all the way. No-one can tell me that I can’t use my own property for any purpose I like as long as it is not illegal.”
Question: How big is airbnb’s ‘money and power’ these days, and in how many ‘hands’ does their ‘money’ and ‘power’ rest?
Quote: “No-one can tell me that I can’t use my own property for any purpose I like as long as it is not illegal.”
Question: In our building about 55 sets of ‘mum/dad’ investors (out of 163 residential lots) say the same thing. So, multiply their demand x 55. Oh! Plus the Council says their ‘short-term use’ of their apartments is ‘illegal’… So now they argue that not even Council has the right to tell them how they can use their apartments. At exactly what point will someone letting their apartment short-term consider the interests and legal rights of others?
Quote: Last November the NSW Planning Minister said in State Parliament that in Sydney alone there is a short-fall of 50,000 residential properties.
Question: How many residential properties are being short-term let across the Sydney Metropolitan area, and what is this ‘illegal use of residential properties’ – short-term letting – doing by way of distorting the situation for tenants trying to find somewhere decent to live?
Residential = Residential.
If you want to invest in short-term accommodation, might one politely suggest that you put your money in a proper ‘serviced apartment’ complex or buy shares in a hotel? Ah, but can you ‘negatively gear’/get a tax concession there?
I bet the mortgage provider from whom you’ve borrowed your investment loan doesn’t realise that you’ve got the money in a residential property and are using the property for a non-residential purpose?
And then there’s the building insurance issue…
Such a big topic!