NEW YORK (MainStreet) Lawmakers in cities like New York, Portland and San Francisco reportedly claim that home sharing sites, such as AirBnb.com, are impinging on available housing stock and creating lost revenue from unpaid hotel sales taxes.
"The decision to rent or share rather than buy has impacted automobile and housing markets," said Dr. Richard Ebeling, professor of economics at Northwood University.
In court recently, New York's Attorney General Eric Schneiderman Airbnb.com to task..
"When traditionalists feel threatened, they lobby the government to restrict the upstarts," said Paul Schwada with Locomotive Solutions. "That's why we have taxi associations fighting Uber in government channels and hoteliers pushing municipalities to worry about taxes and sublet violations from AirBnB customers and renters."
For travelers, home sharing is a way to save money.
"Sharing goods and services very often makes good economic sense and can help save money," said Ernie Almonte, CPA and chair of the AICPA's National CPA Financial Literacy Commission. "As financial resources remain strained, we expect to see peer-to-peer services grow in popularity."
"It's hard enough on traditional models when a future customer base, such as Millennials, goes to a non-traditional model but it really disrupts things when the older generations start using non-traditional models because a younger generation showed that they work better," Schwada told MainStreet.
About 80% of Americans aged 18 to 34 years old are most likely to use a sharing service, such as AirBnB or FlightCar, but percentages decrease with age.