The Crisis of Affordable Housing
Affordable housing is becoming increasingly elusive, particularly in bustling cities like Mexico City. What should be a fundamental right—access to safe, affordable, and stable housing—is compromised by wealthy investors and Landlords who exploit the system. By purchasing properties intended for those in need and converting them into short-term rentals like Airbnbs, these investors push working individuals and families out of their neighbourhoods (also known as Gentrification). This trend impacts not just the housing market but also the daily quality of life, often turning vibrant communities into transient hubs that prioritize profit over people.
The Shift from Homes to Short-Term Rentals
In many cities worldwide, the rise of short-term rental platforms has led to a sharp decline in the availability of affordable housing. A known model comes from wealthy investors, who buy up multiple properties and turn them into Airbnb's, for instance, profiting off short-term tenants instead of providing long-term homes for residents. While this trend is profitable, it drives housing scarcity and inflates prices, leaving residents with few, if any, affordable options.
From personal experience, I can tell you that Mexico City is even more challenging than Guadalajara. In neighbourhoods like Polanco, La Roma, and Condesa, where housing scarcity was already an issue, investors and Landlords have exacerbated the problem by monopolizing housing for short-term rentals or beyond-the-law rent prices. This change has not only restricted housing availability but also increased the cost of living anywhere inside the city.
The Impact on Residents’ Quality of Life: When residential complexes become transient rental hubs, the impact on neighbours can be disruptive. People who stay only for a day or a week do not have the same sense of responsibility or respect for the community as long-term residents. Noise, overcrowded common areas, and late-night parties become common, disrupting what should be the sanctity of people’s homes. The decision to prohibit Airbnb's in the place I rent for now led to a profound improvement in quality of life—peaceful nights and respectful neighbours who truly call the community home, not a "party house".
Driving Up Rents in Unaffordable Areas: The shift from affordable to short-term housing has a ripple effect, making living costs unaffordable in areas that should be within reach for residents. Landlords and property managers use the "desirability" of popular neighbourhoods to inflate rent prices, often without offering improvements in amenities or quality. In parts of Mexico City, for example, rents have skyrocketed to the point where they are entirely out of reach for average wage earners and lack the basics of parking, construction security (regarding earthquakes), basic services such as clean water, electricity, internet, gas piping and clean, peaceful community areas.
Reality Check on “Zone Privileges”: High-traffic areas advertised as “zone privileged” with restaurants, cafes, and bars are often noisy, congested, and far from ideal living environments. Public spaces that could otherwise be enjoyed by local families are overtaken by commercial zones rather than residential communities. It’s become difficult to find dog-friendly areas, let alone peaceful, affordable homes that balance convenience with quality of life.
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Housing as a Right, Not a Commodity: Since 2017 the concern has raised many issues, but we were not still aware of the consequences. Since the appearance of these short-term economic models, the escalation of property values and rents poses an ethical question: Should housing be a right or a commodity?
When investors treat housing purely as a profit vehicle, it dehumanizes a basic need: Working families, students, and single professionals end up competing for old, poorly maintained apartments in inconvenient locations, with little room for negotiation or choice. A good example to mention would be the city of Madrid, in 2019 the government implemented regulations that prohibit short-term rentals in residential areas, preserving housing for residents. This policy aims to reduce speculation and protect residents’ rights to stable housing, acknowledging that a city’s core should be for those who live and work there, not just tourists.
As a closure, in my recent search for a pet-friendly home (after my Landlord raised the rent without any factual evidence), I encountered countless rundown properties in inhospitable areas, many of which lacked basic amenities like a functional kitchen, reliable plumbing, hot water, or even proper windows. The limited options felt disheartening, especially considering that rents demanded over 80% of my salary—an unfair price for such conditions. Ultimately, I decided to put that money toward purchasing a place of my own. Today, I feel lucky I found a reliable Realtist, and that my job has allowed me to reap the reward of almost a decade of hard work.
Conclusion:
If we are to address the housing crisis, regulations need to prioritize long-term residents over transient tourists, limiting property acquisitions for short-term rentals. Cities should take a stand against the commodification of housing by enacting policies that preserve neighbourhoods and secure affordable options. Housing isn’t a luxury; it’s a human right. And until policies reflect this, we will continue to see communities uprooted by a system that values profit over people.