The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
After 23 years of raising kids in the suburbs of Eastern Cincinnati, my husband and I bought a lovely Victorian home across the river in Newport Kentucky's east row historic district. We immediately fell in love with the urban lifestyle and even made career changes to be able to work in nearby downtown Cincinnati. We are now within walking distance to work and all of our favorite restaurants, shopping and entertainment. We find ourselves drawn to participate in and support activities that promote a sharing economy. We believe that it is a terrible waste of resources for everyone to struggle to be self-sufficient when we all have so much to share. When our new neighbors rented their home thru Airbnb, we invited them to stay with us. We had extra space that was not being used. They told us about so many positive experiences with Airbnb. We though we would give it a try to help out with our new mortgage payment. Airbnb definitely made it an easy process. All prospects are routed thru their system which allows secure screening so that we are comfortable with hosting each guest. The rating process, for guests and hosts, promotes positive behavior on both ends. Our guests tell us that they use Airbnb because they want to experience the true culture of areas they visit, at an affordable price. They also enjoy the personable attention they receive, the conversations with "real" people and the recommendations for local attractions based on their interests. We love the idea of recommending our favorite local establishments that make our guests happy while stimulating the economy in our neighborhood. There is still plenty of room for traditional hotel business. A lot of people are comfortable with that. But in this day of economic struggle, we think the sharing economy is a great alternative for those that are comfortable sharing their space, their resources, their skills and their experiences!