IMPORTANT POINTS:
- Robert Kiyosaki predicts that Airbnb will cause an imminent crash in the housing market.
- Cities are imposing restrictions on Airbnb, exacerbating the projected decline.
- Many experts, including Elon Musk, warn of a real estate crash on the horizon.
The well-known author of “Rich Dad Poor Dad”, Robert Kiyosaki, warned last week that Airbnb (ABNB) will trigger the imminent crash of the real estate market.
Published in 1997 and co-written by Kiyosaki and Sharon Lechter, “Rich Dad Poor Dad” has been on the New York Times bestseller list for more than six years. More than 32 million copies of the book have been sold in more than 51 languages in more than 109 countries.
The author posted on social media platform X that he expects Airbnb to “lead the housing market crash.” Kiyosaki stressed that the best time to get rich is during a crash. Additionally, he noted that for those looking for a new home or rental property, “your happy days are just around the corner.”
Airbnb: From boom to apocalypse?
Airbnb, a San Francisco-based company that operates an online marketplace for short- and long-term property rentals, recently experienced what some called an “apocalypse.” This occurred after New York passed a new law that significantly restricted the company’s business operations.
Economist Peter St Onge explained on X on Sunday: “Is the Airbnb boom over? Prices fall as bookings decline, reducing hosts’ income by 13% amid concerns that the “Airbnbust” has finally arrived. And it could get worse between an impending recession and the depletion of excessive savings.” However, he added: “Now, with perfectly unfortunate timing, blue cities like New York, Chicago and San Francisco are outright banning Airbnb. ”They use them as scapegoats for their own policies that strangle housing. And they continue their war against an increasingly shrinking middle class.” The economist thinks:
“Putting all of this together, tens of thousands of people could be left with speculative mortgages they cannot afford, impacting home prices nationwide.”
Multiple warnings about a real estate crash
Kiyosaki has been warning of a housing market crash for quite some time. In June, he claimed that the housing market is on the brink of the biggest crash “ever,” stressing that it will be worse than the 2008 financial crisis.
Many others have warned of an imminent housing market crash, including billionaire Elon Musk. The CEO of Tesla and SpaceX noted in June: “The commercial real estate market is collapsing rapidly. The values of the homes will be as follows.
