The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop #00650

Submission Number:
00650
Commenter:
David Bediz
State:
District of Columbia
Initiative Name:
The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
To Whom it May Concern: I have used AirBnB for years as a guest. With a wide range of options, I can stay for a complete bargain in cities all over the world, or I can rent an entire home for my family or friends in a residential neighborhood to truly feel like a local. All this is in ADDITION to the option of staying in a traditional hotel, not INSTEAD. I've enjoyed the various options of staying in a room, or renting a whole apartment, or even a whole house, depending on my spending ability and desired level of privacy. In the last few months, we started renting out our apartment in Shaw on AirBnB. In preparation, we did a complete renovation of the property including the exterior. As a result, I contributed about $25,000 to the local economy just in the renovation alone. Now that we're renting out the unit for a day or two up to several months, we are able to actually realize a profit on an apartment that had always been a bit of a money suck. We are also happy to now invest in more similar properties to be able to expand our model. As a result, I'm incentivized to invest more in our community, beautifying properties I already own and purchasing new ones. I'm also making more money now instead of constantly losing money, which means more options for me and my family. I feel freer to spend more money locally, and since all the income I've received is taxed at a hefty hotel tax, I've contributed thousands in the last few months alone to DC revenue. All in all, AirBnB is an option that I treasure, whether as a renter or a landlord, and I hope options like it will continue to exist for years to come.