The ‘Ghost Hotels’ of Toronto: Airbnb’s Impact on Local Neighborhoods and Rent Prices
In recent years, the rapid proliferation of Airbnb listings in Toronto has sparked concerns about its impact on local neighborhoods and rent prices. These so-called “Ghost Hotels” have emerged as an unintended consequence of the home-sharing platform’s popularity. The surge of short-term rentals has reduced the availability of long-term rental options, exacerbating the already tight housing market.
As tourists flock to Airbnb accommodations, residents are finding it increasingly difficult to secure affordable housing. The increasing concentration of transient visitors in residential areas also disrupts the sense of community, eroding the fabric that holds neighborhoods together.
It is crucial to address these issues and strike a balance that preserves the unique character of Toronto’s neighborhoods while ensuring the availability of affordable long-term housing for its residents.