FAIRBNB.CA COALITION GIVES AIRBNB’S “HOUSING REPORT” AN “F”
Coalition: Comparing Airbnb’s “entire homes” to City’s entire housing stock compares apples with oranges
(TORONTO) Today, Airbnb released a report titled “Airbnb, Housing, and the City of Toronto” in which the embattled short-term rental platform tries to disassociate itself from Toronto’s affordable housing crisis.
“Comparing the number of entire homes and apartments for rent on Airbnb to the overall housing stock of the city of Toronto represents a tricky sleight of hand” says Lis Pimentel, chairwoman of the Fairbnb.ca Coalition. “These numbers don’t tell us anything about the impact these have on actual vacancy rates and/or available units in Toronto. It’s little more than a 7-page ad for the company,” according to Pimentel.
“The City’s overall vacancy rate is 1.7%,” says Geordie Dent, Executive Director of the Federation of Metro Tenants’ Associations and member of the coalition. Vacancy rates under 3% contribute to rising rents, according to Canada Mortgage and Housing Corporation (CMHC). The vacancy rates in neighbourhoods with the highest concentration of Airbnb’s entire home listings are much lower. According to a recent study by the Centre for Policy Alternatives (CCPA), in the city’s waterfront condominium neighbourhoods there are 3-6 times more Airbnb units available than long-term rental units.
The Fairbnb.ca Coalition calls this “report” little more than advertisement, a rushed attempt aimed to minimize Airbnb’s impact on Toronto’s housing market and to divert attention away from the ghost hotel problem that dominates Toronto’s residential communities.
Airbnb’s latest ad is available here: https://1zxiw0vqx0oryvpz3ikczauf-wpengine.netdna-ssl.com/wp-content/uploads/2016/10/TorontoHousing2016.pdf
For another perspective on how Airbnb impacts Toronto’s housing market, see https://www.policyalternatives.ca/airbnb
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