All posts tagged: building of new housing

What Really Took Down Airbnb

What Really Took Down Airbnb

Earlier this month, I stayed in an Airbnb in the Bedford-Stuyvesant neighborhood of Brooklyn. In the past decade or so, the neighborhood has undergone as dizzying a process of gentrification as a place can. The median sales price of a condo nearly doubled; the median sales price of a single-family home more than tripled. The share of Black residents dropped from 60 percent to 40 percent; the share of white residents increased from 15 percent to 33 percent. The neighborhood became less socioeconomically diverse, home to fewer immigrants, fewer families, and more single people. It became less like the old New York and more like the new New York, which is to say more like Greenwich or Short Hills—a place where family wealth or a job on Wall Street are table stakes. Airbnb is not responsible for Bed-Stuy’s transformation; the city’s extreme housing shortage and sky-high wealth inequality are the central, obvious culprits. But the “sharing economy’s” entry into real estate did not exactly help. An analysis earlier this year by the advocacy and data …