Airbnb Creates Multimillion Dollar Windfall and Pain for Long Island Real Estate
Sunday, May 15, 2016
New data shows millions being made by Long Island real estate owners via Airbnb. Is that a good or bad thing? What other solutions may be available to local property owners instead?
New data shows that 1,400 Long Island Airbnb hosts, charging an average of $254 per night for spaces in their properties earned a hefty $15.4M last year alone. What does it mean for those in Nassau and Suffolk County? Are too many overlooking better options?
Airbnb has become a powerful ally for real estate investors to make more money, for young and boomerang home buyers to be able to afford to buy, and for many existing Long Islanders to be able to afford to keep their homes by renting out rooms to strangers by the night to offset sky high property tax bills.
This income coming in can be very good when it is flowing through the pockets of locals and circulating in the local economy. It helps the whole local economy and everyone in it.
However, much of that money is not doing that. And not only is much of that money flowing out of the community, but sky high Airbnb rates are also making American housing unaffordable for the working and middle class. In some cases around the U.S. it is becoming a choice of Airbnb or being homeless.
Some will have no choice but to offer some of their space via short term rental apps and sites like Airbnb or VRBO. However, many aren’t aware that they are actually incurring more tax liability by engaging in short term leasing. In some cases they may be breaking the law or community rules too.
Fortunately there is at least one other way to keep New York’s high property tax rates at bay, and without having to give up a room or two in your home to people from the internet that you don’t know. This is tapping into the help of Property Tax Adjusters, Ltd.
to challenge incorrectly high property tax bills, and to lower your housing payments.
So before you go Airbnb, make sure you aren’t needlessly overpaying first…