The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
I have a very nice waterfront home which I purchased 15 years ago when I was gainfully employed and could afford this home. Since then, the demise of the economy has affected me in losing my job, and being unemployed for a few years until I could find another job for which I am being underpaid, also a characteristic of a failing economy. I also lost my wife a few years ago to cancer, and the expense of the burial and loss of her income has devastated me. I have barely been able to continue to own my home, only with the help of earning income through rentals. I would have otherwise lost my home to the bank for inability to make my mortgage payments. In addition to earning an income on rentals, I have expanded my friends base by meeting new people from all over the world, many of whom I continue to keep in touch with, some of whom return to my home because they had a good time here. All of these guests contribute to the local economy by using the restaurants, shopping malls and local sights. I am asked to recommend places to visit and I endorse the local businesses. Without these rentals neither I, not the local community would be sustainable. I also pay income tax on these earnings, federal and state, as well as county taxes for short term rentals. Therefore the county, state and federal government also benefit from my extra income as well as the income of those businesses that benefit from the extra visitors in the area.