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RSS FeedsRise of ghost hotels casts pall over Toronto rental market
(The Star Food)

 
 

23 april 2019 02:53:37

 
Rise of ghost hotels casts pall over Toronto rental market
(The Star Food)
 


Toronto’s housing crisis is being fuelled by the emergence of “ghost hotels” — profitable, short-term rentals posted on websites like Airbnb that are replacing long-term rental housing — a Toronto Star/Munk School of Global Affairs and Public Policy investigation has found. While Airbnb markets itself as a way for individuals to rent their homes when they’re away, there are more than 1,700 Airbnb usernames in Toronto listing more than one entire property for rent — an indication they are either commercial property management operators or enterprising individuals becoming de facto landlords, an analysis of data from the independent research site insideairbnb.com reveals. With more than 5,000 listings, these short-term rental entrepreneurs account for over a quarter of the more than 20,000 Toronto listings on Airbnb.Some of these Top 10 “ghost hotel” hosts include “Emil & Sue” (96 listings), “Toronto Suite Rentals” (79 listings) and “Steve” (55 listings).The result: Thousands of rental units are now being filled with tourists instead of Torontonians, say experts. “Housing stock that might otherwise have been available for long-term stays ... are being eaten up by short-term stays and the reason is it’s simply more profitable,” says Leilani Farha, United Nations Special Rapporteur on the Right to Adequate Housing. “Airbnb needs to take a look at their operation and determine whether they are in fact doing no harm in terms of the right to housing for local residents living in cities … (And) governments (must) ensure that the most vulnerable populations, and now even middle-class populations, can afford to live in the cities in which they work and live.”Toronto, like most cities, did not have regulations around short-term rentals. But city officials decided regulations were necessary to curb negative impacts on the housing market. Passed b ...


 
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