> it's clueless rich people and corporations buying up properties and thinking they can flip them
so the original owner got a nice priced deal out of the sale. Then, when said clueless rich person decides to sell in the future due to being unable to hold on to it any more, they make a loss (which is a gain for that future buyer, whoever they are).
> after a few years of squeezing, locals may have no choice but to pay their entire paycheck to foreign investors
why the squeeze? If the airBNB is being occupied, then it simply means the price for the rental was correct, and it was artificially low before (due to the demand not being met for short term stays).
An AirBNB can be occupied for 2 days a week and make more than typical rent.
People who see homes as a mere unit of value meant to be priced on a global scale, and not something people should be living in, are simply inhuman. People in cities around the world are getting fed up with it, with justified protests and even riots happening.
Rentseeking has no limit. Unimaginably rich corporations can buy up every property and leave almost everyone homeless. They can take 90% of the paychecks of everyone else. And they'll say "well prices were artificially low before." No. Now they're artificially high. People in desperate situations pay more and take out debt because they have no other reasonable choice.