Airbnb's alleged revenue crisis has sparked a debate among real estate agents, economists, and the company's press team after one expert declared that their loss of profits is likely to cause a housing crash "on par with the 2008 subprime crisis" in some cities.
With revenues dropping to almost 50 per cent in Phoenix, Arizona, Austin, Texas, and Sevierville, Tennessee, real estate agent Nick Gerli tweeted, "The Airbnb collapse is real. Revenues are down nearly 50% in cities like Phoenix and Austin."
"Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse."
