 But let's talk about the market for a second. Let's talk about the repercussions of if all these Airbnb's hit the market, what that would actually do to the market. A massive Airbnb liquidation is about to hit the US housing market where we see hundreds and thousands of Airbnb owners be forced to sell their property. With the central issue for these Airbnb owners being something that's called Airbnb bust, the new trend where the revenue and profits for Airbnb's are collapsing with the average Airbnb owner in America earning 21% less revenue this year compared to last year. With those declines reaching as high as 50% in certain cities. Situation that's going to cause a flood of inventory onto the housing market because we're in a very interesting situation right now in America where the number of rentals on Airbnb and Verbo totals nearly one million according to data from all the rooms. That's 65% higher than the number of homes for sale according to realtor.com. Now that graph probably looks discouraging to a lot of you home buyers out there to see that so many of the houses that you could have bought over the last couple of years ended up as an Airbnb. However, we're going to see the reverse of that trend occur into the future now that Airbnb bust is here and the revenues are going down. And ultimately, I think this situation could be as bad as the subprime crisis in 2008 for some of these cities because people don't understand just how much shadow inventory is lurking in these housing markets from all the listings on Airbnb. I mean, let's just take a look. Okay, man, let's just stop it right there to compare anything in today's market to the subprime crisis of 2008 is absolutely dramatic. And it's frankly insane to be honest with you. And this is coming from a guy who back in 2018 and 19 said that the market is about to crash. Real estate prices are about to plunge and double digits. And anyone that he was advising at the time who took his advice, I feel like it's extremely bad for because they lost out on about 50% increase in prices since then, 2020 hit, boom, prices are going to crash. 2021, they're going to crash. 2022, they're going to crash. Now he's saying they're going to crash. And a couple of months ago, actually, he came out with a video that said that there's 14 million second homes in the market. And if only 5% of those second homes hit the market, it's going to flood the market with inventory. And this is going to be the reason why we see a massive crash in the housing market and prices plummet. And even if that were to come true, which it didn't at all, there was no data behind it. There was no trend that said that that was what was fixing to happen. Even if it did happen, 5% of 14 million is 700,000 homes. At the time, we had about 700,000 homes on the market. So that would have put us at about 1.4 million if in fact, 5% hit the market on the same day. You see, that's the problem, ladies and gentlemen. All these situations that he's saying could happen would be based on the amount of people that he's saying would sell, would have to decide to do it on the same day and actually move forward to do it on the same day, forward to actually bump the inventory up to the levels that he's talking about. So anybody that's been listening to this man about the housing market has lost their ass when it comes to real estate because he has prevented you from buying into the most incredible market surge that we've ever seen. And now at this point, we're about to hit all-time highs when it comes to home prices in America. And last year, he said it was gonna go down another 30, 40% after it already went down like two or 3%. So you gotta be really careful with this. All right, so let's dive into this Airbnb revenue collapse debate that's happening right now, on the internet, this guy put out a tweet about this and it went viral, it had 40 million views, crazy. But let's dive into this a little bit because according to him and data that he collected from a company called All The Rooms, Airbnb revenue in certain cities are down 40 to 50%. And he says that because of this collapse in revenue, this is gonna cause so much inventory to hit the market that he literally compared it to 2008, the subprime lending crisis. Now, don't you think that's a little bit dramatic? Let's dive in here. Here's the article here. Let me get it pulled up on my end. And so basically, right here he says, revenues per listing in the San Francisco-based company have dropped nearly 50% in certain cities. This is according to the recent data from All The Rooms, comparing Airbnb revenues per listing in May, 2022 and May, 2023, all right? And this was, after this, he puts out this tweet, okay? And this could trigger a housing market crash on par with the sub of the 2008 subprime crisis. Now again, this is just incredible to say, but look at what AirDNA said and also Airbnb theirself, economist Jamie Lane, Senior Vice President of AirDNA, a company which tracks performance and monitors trends in the short-term rentals, argue that the data from All The Rooms is inaccurate and that while the revenues per listing are down for Airbnb in 2023, they have not dropped 40%, but just above 3%. Okay, that's a big discrepancy, all right? And a statement to Newsweek, okay? Airbnb theirself said the data is not consistent with our own data. As we said during our Q1 earnings call, more guests are traveling on Airbnb than ever before with Knights and Experience book growing 19% in Q1, 2023 compared to a year ago. And so when you think about this, okay? AirDNA says that Airbnb revenue per listing is down little over 3% compared to the 40 to 50% that All The Rooms and Nick from Reventure Consulting is saying. Now that's a big, big, huge discrepancy. And what AirDNA said is that yeah, we're down Airbnb is down a little bit, but that's kind of to be expected seeing as how we had had such a surge after the pandemic of people traveling on Airbnb and wanting to stay in rooms and different things like that. They had a surge, okay? And to only be down a little over 3%. So I'm gonna let you decide here on this discrepancy, but let's talk about the market for a second. Let's talk about the repercussions of if all these Airbnb's hit the market, what that would actually do to the market? Cause I think that's what's really key here because whether the data from All The Rooms or the data from AirDNA is correct, okay? It doesn't really matter. Let's talk about what would happen if in fact Doomsday, which is what they're saying would happen, okay? Comparing it to 2008. Let's talk about that work through that for just a second. Now, so according to the video that you just saw at the beginning of this video, and according to all the articles and all of the All The Rooms data out there, there's a million Airbnb's. And it's not just Airbnb. It's Airbnb and for rent by owner, a vacation rent by owner, Verbo, as they like to call it. So Verbo and Airbnb total have a million listings in the US, okay? That's a million properties, okay? So think about that for a second, okay? There's around 500,000 listings. And that's what Nick was talking about. There's 62% more Airbnb's than there are listings. And if all these million Airbnb's hit the market, then it's gonna be Doomsday and the market's gonna crash and burn like we've never seen before. But think about that for just a second. Going back to what he said last time, okay? About the 14 million second homes, if only 5% hit the market, then we're dead in the water. Well, that didn't happen. This is the same exact scenario right here. He's always coming up with these scenarios where, oh, there's this huge, you know, niche of properties. And if they hit the market, then we're gonna be dead in the water. But why would they hit the market? Well, they're saying that revenues are down 50% when in reality, I'll let you decide. We have discrepancies in some reporting. Another company says around 3%. However, let's think about it for a second. Even if all million of these, again decided on the exact same day to list their property, okay? It would have to happen on the same day. They would take action on the same day and put their properties on MLS on the exact same day. A million plus the 500,000 we have brings us to 1.5 million listings, okay? That's if it happened all at once, the same day, everybody came together in unison and somehow decided to sell the properties every single one of them. Now back in 2008, we had 4 million listings, okay? So even if all these Airbnb's decided to sell at the same time, we'd have 1.5 million listings that day. That doesn't even get us halfway to where we were in 2008, okay? That's one point. The next point is let's talk about the fact that all million of these would never in a million years decide to sell their property on the exact same day. What do I think? I think the normal amount of Airbnb's will continue to sell. You know, I'm sure these things change hands, what, 5% of them change hands every year, 5%, 10%, something like that, something extremely low. I think we're gonna see that same trend continue and guess what? That 5% to 10% is not gonna happen on the exact same day. It's gonna be staged out over the course of the year or maybe even several years, which won't even put a dent into the inventory problem that we have on our hands right this second is the reason why prices are about to hit all-time highs. That is the single most reason is inventory, no inventory. So interest rates, mortgage rates have depressed buyers, but there's still enough buyers for the amount of inventory that's out there and these buyers are very serious buyers to be buying in this higher mortgage rate environment. And so they're buying, they're not just looking around, they're moving forward. They need to buy for whatever reason and they're making it happen. And that's what's causing prices to go up. That's why we're seeing a surge in new construction home sales. We're seeing a massive surge there because existing homeowners won't put their house on the market because they're sitting on such low interest rates and builders aren't able to keep up. So there within lies the true problem is inventory and that's what Nick is trying to solve here. He's trying to come up with anything he can come up with to solve this inventory problem because he knows that that's gonna be the reason why if in fact prices do ever go down because we have an oversupply and under demand. The problem is you just can't out chase the current demand versus the current amount of supply and it's gonna take, Nick, just so you know, it's gonna take years and years for this to flush out. We will get to a balanced market but it's gonna take a long time to get there. What I foresee happening is prices continuing to go up. They will level out because this just can't go on forever. We're hitting, getting close to historic highs when it comes to affordability, right? Or lows, however you wanna look at it, it's becoming harder and harder to afford. Now, what I see is that we're just lining up with the 1990s, a level of affordability. However, as prices continue to increase, we're gonna see that change and we're gonna see possibly some historic highs when it comes to affordability with it being maybe the toughest ever to actually own a home. So we'll have to wait and see how it all plays out. You know, I don't have a crystal ball. All I can do is show you the data and tell you what I think. But nevertheless, this Airbnb thing is something that I feel like is a non-issue. And if anything, it's gonna add inventory to a market that needs inventory. It's not gonna be enough to sway the prices or create some kind of 2008 market crash. So anyway, that's my update for today. I hope you enjoyed. Let me know what you think in the comments about this Airbnb thing. And I'll see you on the next video. Let's go.