City Without Grandchildren: Rentals Take Over

In Sydney's inner-city areas, short-term rentals, particularly those managed through platforms like Airbnb, are drastically reducing the availability of long-term housing. Millers Point, once home to public housing, now sees streets dominated by short-term lets, with vacancy rates as low as 1%. This has led to a decline in local families, evidenced by the closure of a historic kindergarten due to insufficient enrolments. Councillors are actively investigating measures to combat this, including a potential ban on short-term rentals where the host does not reside on the property. Such a ban could return an estimated 5,000 properties to the long-term rental market. Activists argue this is necessary to prioritize housing for residents over cheaper travel options. The New South Wales government is reviewing the sector, but a timeline for its report remains unreleased. Meanwhile, the impact on communities is evident, with rising rents forcing families to relocate.