Thursday, January 21, 2021

Tag: “Holy God. We’re About To Lose Everything” – Pandemic Crushes Overleveraged Airbnb Superhosts

“Holy God. We’re About To Lose Everything” – Pandemic Crushes Overleveraged Airbnb Superhosts

from ZeroHedge:

“History doesn’t repeat itself, but it often rhymes,” as Mark Twain is often reputed to have said. Before the 2007-2008 GFC, people built real estate portfolios based around renters. We all know what happened there; once consumers got pinched in the GFC, rent payments couldn’t be made, and it rippled down the chain and resulted in landlords foreclosing on properties. Now a similar event is underway, that is, overleveraged Airbnb Superhosts, who own portfolios of rental properties built on debt, are now starting to blow up after the pandemic has left them incomeless for months and unable to service mortgage debt.