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Summary
Phil’s postcard from West Melbourne. He challenges the “housing shortage” narrative by showing that in his 70-unit apartment building (“The Marker”), he appears to be the only resident — every other unit is Airbnb-listed. When the cycle turns, these Airbnbs will flood the market as a surplus, proving there is no shortage but a distribution/speculation problem. Media reports of homelessness and housing crisis are real but misleading about the cause.
Key Claims
- The “housing shortage” narrative is misleading — much housing is sitting empty or in Airbnb speculation. — confidence: high
- When the cycle turns, Airbnb units will flood the market, revealing the surplus. — confidence: high
- High land prices drive Airbnb speculation (better to leave empty than rent) as well as homelessness. — confidence: high