The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop #00501

Submission Number:
00501
Commenter:
KATHLEEN WEAVER
State:
Oregon
Initiative Name:
The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
Following our retirement, my husband and I purchased a beach property in 2009 expecting it to be a retirement investment and also an investment in family recreation. Less than a year thereafter, he died, leaving me with a property that due to the economic downturn, was worth less than we paid for it. His death also left me with half the monthly income we had planned to use to make the payments. My choices were to 1. Rent it in order to pay for it or 2. Lose it to foreclosure. Without the option for vacation rental, my income would have been too little and the bank would have foreclosed. FTC needs to remember that not all rental properties are owned by independently wealthy citizens. Rising property values in the last year give promise that a sale price would be equal or better than the existing loan. Reduced opportunity to rent would affect the property value and the dampening effect would again put me underwater. AirBnB sharing economy allows me, a not-very-young widow, to keep my property and generate income to offset expenses. It also connects me with charming guests who because of AirBnB's security procedures, protects me from 'stranger danger' when allowing people access to my personal property. Please keep in mind the beneficial effects of this type of sharing economy. Sincerely, Kathleen S. Weaver [REDACTED]