'A Bargain With the Devil'--Bill Comes Due for Overextended Airbnb Hosts

[mahatmakanejeeves]

Here come the defaults, unless they get bailed out. Depends -- are they Trump donors?

TECH

‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts

Entrepreneurs built mini-empires of short-term rental properties, borrowing against revenue that’s now vanishing under coronavirus lockdowns

By Tripp Mickle and Preetika Rana
April 28, 2020 10:15 am ET

For years, Cheryl Dopp considered the ding on her phone from a new Airbnb Inc. booking to be the sound of what she called “magical money.” A property she rented out in Jersey City, N.J., on Airbnb could gross more than $8,000 a month, she said, double what long-term tenants would pay.

Now, Ms. Dopp associates the dings with cancellations and financial misery. The 54-year-old information-technology contractor said she had about $10,000 in bookings evaporate overnight in March. She has $22,000 in monthly expenses for a largely...

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[msongs]

1. trump real estate biz having the same prob but they can steal millions nt

[gibraltar72]

2. Trump won't be broke until we are.

[Warpy]

3. Having watched the pressure Air BnB put on available housing stock

including most of the decent rental stock, I have to say I'm finding sympathy hard to come by.

Easy money fades quickest and a lot of these sleazy dealers get shaken out of the market, so much the better.

[Raster]

4. ahhhh how fucking sad...

...NOT!