The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop #00603

Submission Number:
00603
Commenter:
Patrick Canale
State:
California
Initiative Name:
The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
Home sharing like the type provided by airbnb is a valuable new part of the sharing economy. Where I live in Los Angeles, and in nearby areas like the Hollywood Hills, there simply are not hotels that are up to standard. There is not an apples-to-apples option. That is the reason for airbnb's success. The people that rent a room in my home help me pay my mortgage in a city where the average home price -- over $400,000 -- shames the average income. Not only do visitors help sustain real estate values by keeping people like me able to afford homes, but they contribute to the local economy tremendously. I interact with guests and tell them local businesses they should visit for the best coffee or clothing. They're out seeing the sights, eating, shopping. Moreover: Would you visit and stay in Paris or London for more than a week if you had to stay in a hotel the whole time? By providing lodging in a real home, tourists stay longer, spend more in our local economy, and help local homeowners pay sky-high rents and mortgages -- or pad an investment or retirement account. The money goes right back into the economy, and any loss in hotel tax is more than made up with sales taxes generated by these visitors staying longer. Like anything else, some will abuse the system with ulterior motives; but let's not let throw out a valuable economic force on that basis. That's just part of every aspect capitalist society, from credit card interest rates to ATM fees. Thank you for considering my words. Patrick Canale