Real Estate Professional and Philanthropist David Malcolm Raises Concerns About Short-Term Rentals
David Malcolm, a real estate professional and philanthropist, has raised concerns about the impact of short-term rentals (STRs) on housing availability and homelessness. As a member of the San Diego Rescue Mission’s Board of Trustees and a longtime advocate for addressing homelessness, Malcolm is worried that the rising popularity of platforms like VRBO and Airbnb is exacerbating the housing crisis.
Malcolm points out that as more homes are converted into STRs, the available housing stock for residential purposes diminishes, leading to skyrocketing rental prices and potentially pushing residents out of their communities. This, in turn, could contribute to an increase in homelessness, especially for those already living on the edge financially.
While STRs have provided a new revenue stream for homeowners and investors, Malcolm highlights the unintended consequences that have accompanied this innovation. Many cities have implemented regulations to curb the negative impact of STRs, such as limiting the number of rentals allowed and imposing taxes similar to those charged by hotels. However, the debate over how to strike a balance between the benefits of STRs and the need for affordable housing continues.
Malcolm urges policymakers and industry stakeholders to work towards a solution that ensures a stable equilibrium between the STR market and resident housing. He believes that addressing the housing crisis is essential in combating homelessness and creating a more equitable society. As the debate over STRs and housing availability continues, Malcolm remains committed to finding sustainable solutions to support those in need.
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Photo credit voiceofsandiego.org