2017 Jan 19th

AirBnB at Marine View Towers?

I wrote about some of the issues raised by AirBnB’s proliferation in Hoboken the other day.  Today, while at a photo shoot with a tenant, she mentioned that when her parents were here from Europe, they stayed for the week at an AirBnB at Marine View Towers.  Marine View is supposed to be, and I believe was constructed as, subsidized housing for middle income residents.   I’m no expert in HUD or how they were funded or who owns them now but I do know this – they are not paying property taxes equivalent to what market rate buildings pay.  The units there rent for extremely low prices.  I have acquaintances who have a 2 bedroom with a balcony and NYC views for under $1,200 a month – including parking, heat and hot water and a pool.  So I did a quick search on AirBnB and sure enough, there are people subletting their rental apartments  at Marine View for $165 a night.

Screenshot 2017-01-19 12.23.14

Is this even allowed in this building?  Should it be?  Is there some inherent unfairness about taking advantage of subsidized housing at the expense of the city’s coffers and on the backs of other property paying owners only to turn it around and personally profit from the situation?  I don’t know about you but this just rubs me entirely the wrong way.

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  1. Joe Federici

    Look, the AirBnB host even stole a NYC subway sign which they use as a decoration. Sheesh.

  2. Craig

    The more interesting questions are whether the income from those AirBnB rentals is being declared – and whether that extra income takes those tenants out of the income threshold necessary to qualify for the very subsidized housing they are profiting from.

    I’ve often wondered what the income threshold is – and how often the income of the tenants in the various middle income projects around town is reviewed for ongoing eligibility. Is it annually? Once a decade? I’ve seen quite a few high-end luxury cars like Mercedes Benz and such in their parking lots. If you can afford a Benz, one would assume you can afford a market rate apartment. Then again a $1200/ mo. housing cost would allow me to afford a fleet of Benzes. So maybe the rest of us are suckers for playing it straight.

  3. Lori Turoff

    Income threshold? I may be wrong, but after initially getting the apartments, I don’t believe there is any further limit on income or assets. Once you’re in, you’re in. I believe (or have been told) that Church Towers is the same situation.

    This particular owner talks on AirBnB about the 3 other properties they own and short-term rent.

  4. Ichiro

    That’s just blatant milking of the system. Everyone should log into the bnb website, select report the user and select this listing should not be on the website.

  5. Lori

    I don’t know that this is the only one. It’s just the first one I found.

  6. Manny

    Agree… Blatant abuse of the system and its core purpose… Report People!!

  7. Liang

    Agree. Let’s report and tweet this.

  8. Virginia

    Someone needs to bring this to the attention of the City Council and the Mayor.

  9. Zach Turner

    Isn’t this just capitalism? Someone has an asset and has found a way to leverage that asset for profit. If it’s not legal, by all means report them, but if it’s just “not fair” because they have something–access to an inexpensive apartment–that you don’t have, I don’t see where the fact that it’s in subsidized housing is relevant.

  10. Jc

    Lori,

    In your opinion is the airbnb market artificially driving up property prices in New Orleans? It just seems it’s more expensive to buy then rent in Nola. Maybe more out of whack then ever.

    Thnx

  11. Lori

    That is certainly the prevailing wisdom. But it also drives up rental prices because it removes many units from the long term rental market.

    I think the bigger difference in sale vs rent prices has to do with the condition of properties in the more desirable areas though.

  12. Lori Turoff

    https://www.ahla.com/press-release/new-study-shatters-airbnb-homesharing-myth

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