There is no shortage of horror stories about the vacation rental platform on social media.

社群媒體上不乏該度假租賃平台的恐怖故事。

Where else could you find detailed instructions on which glasses you're allowed to drink out of?

你還能在哪裡找到關於可以用哪些玻璃杯喝酒的詳細說明？

Or discover that the bedroom you booked is in the back of a restaurant.

或發現你預訂的臥室位於餐廳的後方。

Annoyed at excessive cleaning fees, outrageous house rules and long lists of checkout chores, some travelers are returning to traditional hotels.

一些旅客對過高的清潔費、令人難以忍受的入住規定和一長串的結帳手續感到惱火，因此開始返回傳統酒店。

Still, the company is more successful than ever.

儘管如此，該公司比以往任何時候都更加成功。

Boasting billions in revenue and a 70% increase in their stock in 2023.

在2023年擁有數十億美元的收入，股票增長了70%。

Clearly, these vacations from hell gone viral aren't enough to put Airbnb into financial trouble.

顯然，這些鬧得沸沸揚揚的「地獄度假」並沒有讓 Airbnb 迎陷入財務困境。

What happens, though, if the complaints start coming from Airbnb hosts?

然而，如果抱怨開始來自 Airbnb 的房東呢？

Airbnb hosts are making no secret of their dissatisfaction with the short-term rental market.

愛彼迎的房東們毫不掩飾他們對短期租賃市場的不滿。

Take content creator Shelby Church, who bought a home in Palm Springs in 2020 to rent out on Airbnb.

以內容創作者Shelby Church為例，她在2020年在棕櫚泉購買了一棟房屋，用於在 Airbnb 上出租。

Less than two years into hosting, she posted a video titled Why I'm quitting Airbnb.

不到兩年時間，她發布了一部名為《為什麼我要退出Airbnb》的影片。

The TLDR, California had considered an extra 15% tax on short-term vacation rentals like hers, which could drive prices for Airbnb stays higher than regular hotels.

簡而言之，加州曾考慮對像她這樣的短期度假租賃額外徵收15%的稅款，這可能會使Airbnb的住宿價格高於普通酒店。

And Shelby's first year of hosting, she was barely breaking even.

在Shelby擔任房東的第一年，她幾乎只是收支平衡。

So she worried this legislation could drive down her occupancy rate and turn this property into a big, beautifully renovated money pit.

因此，她擔心這項立法可能會降低她的入住率，並將這個房產變成一個巨大而美麗的翻修項目成本過高的房產。

It's not just California hosts like Shelby who are on alert.

不只是像Shelby這樣的加州房東在警惕。

In New York City, legislators passed a bill to eliminate certain types of short-term listings altogether.

在紐約市，立法者通過了一項法案，完全取消某些類型的短期租賃。

A state law has been in place since 2010, banning rentals shorter than 30 days, unless the host lives in the building.

自 2010 年以來，州政府頒布了一項法律，禁止短於 30 天的出租，除非房東住在大樓內。

But it was tough to enforce and many hosts ignored it.

但執行起來很困難，許多房東都忽略了它。

Finally, in September 2023, a new local law went into effect that requires hosts to register their properties with the city.

最終，2023 年 9 月，一項新的當地法律生效，要求房東向市政府登記其財產。

If they don't qualify, they can't be posted on Airbnb.

如果不符合資格，則無法在 Airbnb 上刊登。

Overnight, tens of thousands of illegally listed properties disappeared from the site.

一夜之間，數以萬計的非法租賃的房產從該網站上消失了。

Now, cities across the country are considering regulations like California and New York.

現在，加州和紐約等全國各地的城市都在考慮制定法規。

And Airbnb hosts are complaining that they just can't sustain the rental business anymore.

Airbnb 的房東抱怨他們無法再維持租賃業務了。

But the rise in legislation and Airbnb host frustration may all trace back to the same common problem.

但立法的興起和 Airbnb 房東的不滿可能都可以追溯到同一個常見問題。

There are just more Airbnbs than we need.

Airbnb 的數量超越了我們的需求。

To explain how we got here, we have to go back to, sorry, 2020.

為了解釋我們是如何走到這一步的，我們必須回到 2020 年。

What initially looked like a major challenge for Airbnb turned out to be its biggest source of growth.

最初似乎對 Airbnb 來說是一個重大挑戰，但後來卻成為其最大的成長來源。

At the onset of the COVID-19 pandemic, thousands of people canceled their bookings.

COVID-19疫情爆發時，數千人取消了預訂的房間。

But as soon as travel restrictions started lifting, the demand for short-term rentals reached record levels.

但旅行限制一開始取消，短期租賃的需求就達到了創紀錄的水平。

A year's worth of postponed vacations were happening all at once.

被延後一年的假期一下子就發生了。

And many travelers sought out short-term rentals rather than hotels to socially distance themselves from other potentially germy travelers.

許多旅客選擇短期租賃而不是飯店，以與其他可能帶有細菌的旅客保持社交距離。

At the same time, the demand for vacation rental spiked, mortgage interest rates hit record lows at the start of 2021.

同時，度假租賃需求激增，抵押貸款利率在 2021 年初創下歷史新低。

And hosts like Shelby Church saw a business opportunity.

像 Shelby Church 這樣的房東看到了商機。

They bought up second or third homes, not to live in but to rent out, using their Airbnb income to cover their mortgages and hopefully have some profit left leftover.

他們購買了第二套房子或第三套房子，不是為了居住而是為了出租，用 Airbnb 的收入來支付抵押貸款，並希望能剩下一些利潤。

Some hosts, eager to hop on the rising demand, even rented out apartments meant for long-term tenants and listed those as short-term stays, a model known as Airbnb arbitrage.

有些房東急於抓住不斷增長的需求，甚至出租了原本供長期租戶使用的公寓，並將其列為短期住宿，這種模式被稱為 Airbnb 套利。

In this frenzy, the supply of Airbnb listings across the US increased 23% between 2021 and 2022.

在這股熱潮中，2021 年至 2022 年間，全美 Airbnb 房源供應量增加了 23%。

So travelers wanted a lot of Airbnbs and hosts had a lot of them to list.

因此，旅客想要很多 Airbnb 房源，房東也有很多房源可供出租。

That's great for Airbnb, who charges a service fee on each stay booked through the platform.

這對 Airbnb 來說是件好事，因為 Airbnb 會對透過該平台預訂的每次住宿收取服務費。

The company is more profitable than ever, but even though demand for short-term rentals grew, the number of units grew faster, meaning all those bookings are spread thinner and occupancy rates have cooled.

該公司的利潤比以往任何時候都高，但儘管短期租賃的需求增長，但單位數量增長更快，這意味著所有這些預訂都在減少，入住率也有所降溫。

So it's hosts who are feeling the financial sting, especially those who obtained mortgages with the promise of steady rental income or signed more leases than they could afford, intending to flip them into profitable weekend stays.

因此，感受到財務壓力的是房東，尤其是那些獲得抵押貸款並承諾穩定租金收入的房東，或者簽署了超出其負擔能力的更多租約，打算將其轉變為有利可圖的周末住宿的房東。

But wherever Airbnb hosts are hurting, their neighbors are facing the financial consequences too.

但只要 Airbnb 房東受到傷害，他們的鄰居也會面臨財務後果。

All those homes that were converted to short-term rentals decreased the available housing stock for the rest of us normies, who just wanna buy a house to live in.

所有這些被轉換為短期出租的房屋減少了我們其他只想買房子住的普通人的可用房屋存量。

Now, low supply combined with interest rates that have nearly tripled since January 2021, means that many first-time buyers have been squeezed out of the housing market.

現在，供應量低，再加上自 2021 年 1 月以來幾乎增加了三倍的利率，意味著許多首次購屋者已被擠出房地產市場。

Even renting is more expensive.

連租房子也更貴。

Remember the New York City legislation meant to limit short-term stays?

還記得紐約市旨在限制短期住宿的立法嗎？

Before it went into effect, the Office of the Comptroller, that's the top financial manager for a city, released a report on how Airbnbs had affected rents.

在政策生效之前，作為城市最高財務管理者的審計長辦公室發布了一份關於 Airbnb 如何影響租金的報告。

They found that on a citywide average, rents rose by 25% over a six-year period.

他們發現，全市平均租金在六年內上漲了 25%。

But in neighborhoods like Bed-Stuy, which has New York's highest concentration of Airbnb listing, rents rose as high as 47% over the same six years.

但在像 Bed-Stuy 這樣紐約 Airbnb 房源最集中的社區，租金在六年內上漲了 47%。

The Comptroller estimated that about 9% of the city's rent increase can be traced to a loss of long-term housing supply to short-term rentals.

主計長估計，該市約 9% 的租金上漲可歸因於長期住房供應轉向短期租賃。

It's hard to feel too bad for Airbnb hosts suddenly saddled with half a dozen leases in competitive rental markets like New York's, especially amid a housing crisis.

在紐約這樣競爭激烈的租賃市場上，Airbnb 的房東突然背負著六份租約，這並不算太難過，尤其是在房屋危機期間。

But the oversupply of short-term rental units is hitting hosts, renters, and would-be buyers hard, which is why local governments are starting to step in.

但短期租賃單位供應過剩對房東、租戶和潛在買家造成了沉重打擊，這就是地方政府開始介入的原因。

New York's regulation seeks to correct for the surplus in Airbnb supply by requiring hosts to be onsite during the stay, ideally sharing part of the home that they actually live in.

紐約的法規旨在糾正 Airbnb 供應過剩的問題，要求房東在入住期間必須在場，最好共享他們實際居住的房屋的一部分。

This disincentivizes hosts from buying up excess properties for the sole purpose of Airbnb-ing them

這會抑制房東為 Airbnb 出租的唯一目的而購買多餘房產的動機。

In contrast, California's proposed tax wasn't intended to discourage rental properties.

相較之下，加州提議的稅收並不是為了阻止出租房產。

Instead, the 15% tax on vacation rentals would fund the construction of new affordable housing units.

相反，對度假租金徵收 15% 的稅將為建造新的經濟適用房提供資金。

This would increase the overall supply of housing available to long-term renters to correct for the loss of housing stock to Airbnbs.

這將增加長期租戶可用的房屋整體供應量，以糾正 Airbnb 房屋存量的損失。

But it's too soon to tell which if/either approach will have the most impact.

但現在判斷哪種方法會產生最大影響還為時過早。

New York's law has only been in effect for a few months, and California scrapped their vacation rental tax bill altogether.

紐約的法律只生效了幾個月，加州完全廢除了度假租賃稅法案。

As for hosts like Shelby Church, at the time of this video's creation her property is still listed on Airbnb for $486 a night.

至於像 Shelby Church 這樣的房東，在製作該影片時，她的房產仍在 Airbnb 上刊登，價格為每晚 486 美元。

But she's considering converting this vacation home to a long-term rental.

但她正在考慮將這套度假屋改造成長期出租屋。

With all the utility bills and property management fees eating into her revenue, she thinks she may make more money being a regular landlord.

由於所有的水電費和物業管理費都佔用了她的收入，她認為身為普通房東可能會賺更多的錢。

And if you've ever considered jumping into the short-term rental game to make some easy money, consider that Airbnbs can be a risky investment, especially if you can only afford it by being fully booked.

如果你曾經考慮過進入短期租賃市場來輕鬆賺錢，那麼請考慮 Airbnb 可能是一項有風險的投資，尤其是如果你只能透過預訂房屋才能負擔得起。

So many variables can make that income stream dry up.

如此多的變數可能會使收入來源枯竭。

Too many Airbnbs in your area, or maybe your city council decides to regulate vacation properties.

你所在地區的 Airbnb 房源過多，或者你所在的市議會可能決定對度假物業進行監管。

Or maybe people just don't wanna spend the last day of their vacation vacuuming your floors.

或者也許人們只是不想在假期的最後一天用吸塵器清理地板。

And that's our two cents.

以上是這集的 two cents。