LA’s Underground Rental Market Hiking Rents
Short term rentals have become a worldwide moneymaker and it is causing controversy here at home, with city leaders in Los Angeles at odds over what to do about it.
They are growing in popularity as it is a convenient way for homeowners to rent to tourists who, in turn, avoid hotels.
However it also means lost tax revenue for the city.
The popular website AirBnb was born as the global economy was dying in 2008, and since then nearly 250,000 people have used the website for short term rentals in Los Angeles.
This article was featured in an edition of AAOA Today and was hand selected by our editors as a piece of interest for American Apartment Owners Association Members.
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