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In early June 2023, the mayor of the Italian metropolis of Florence introduced a direct ban on new short-term leases in its UNESCO-protected historic heart. The measure follows efforts by native authorities worldwide to manage the enlargement of Airbnbs, second houses and short-term leases on account of overtourism and a worsening housing disaster. CNBC examines the affect of the commercialization of housing and whether or not restrictions on short-term leases can work.
Within the Italian metropolis of Venice, the variety of beds devoted to vacationers is now nearly on par with the variety of beds allotted to residents.
An digital counter put in by activists within the metropolis monitoring this quantity illustrates the ever-growing demand for short-term leases, popularized by the home-sharing platform Airbnb, which is now as standard as resorts.
The short-term rental market is projected to be value $228.9 billion in 2030, boosted by the rise of economic operators.
However because the housing disaster deepens worldwide on account of land and labor shortages, residents are questioning the affect of Airbnbs and second houses domestically.
“We’ve got greater than 7,000 flats concerned in this sort of system of short-term vacationer leases. And now it’s totally troublesome for a younger man or a brand new household to seek out an reasonably priced home to lease,” Dario Nardella, Florence metropolis mayor, informed CNBC.
So what’s the financial affect of Airbnb and short-term leases? And might restrictions ease the disaster? Watch the video to seek out out.
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