This Montana City Has a Huge Problem. Is it Too Late to Fix it?
One of the most populated cities in Montana has a major problem that keeps getting worse, and many residents are beginning to think that there's no end in sight. Bozeman has been mentioned in several national publications as one of the best places to live in America. For most that live in Bozeman, that simply isn't true.
Wealthy individuals purchasing second homes in the once-charming mountain town have been a catalyst for the demise of Bozeman. The average resident is working more than one job just to pay the bills and put food on the table. The notion that Bozeman is the best is laughable. Just look at the number of people that have been forced to live on the streets. It's something that you never used to see, but it is considered normal now.
We've talked about real estate and housing issues relentlessly, but things don't seem to be getting better. It's discouraging to see all of the high-priced vacation rentals around Bozeman when many that live in the area can't find a place to live.
What is Happening in Bozeman?
Daily Mail recently published an article that explains it perfectly. The article claimed that Bozeman is "whithering away" due to;
Locals are being priced out by wealthy second homeowners and vacation rentals.
Finally, national news about Bozeman that we can all agree with. Thankfully, the city is considering a ban on all short-term vacation rentals. Advocates for the ban say that it's needed in order to increase the city's housing supply.
We have nothing against a local Bozemanite renting out a spare bedroom to make ends meet. But it’s time to stop the second and third-home hoarding that displaces families.
said Fire Thunder, a representative of Bozeman Tenants United.
Is There Good News For the Bozeman Housing Market?
According to an article in Newsweek, Airbnb could trigger a housing market crash. That may not be good news for owners of vacation rentals, but it could mean that housing could soon become more affordable for local residents. Revenues for the company are down 50% in places like Phoenix and Austin.
Nick Gerli, CEO of Reventure Consulting, said the following about the potential Airbnb crash.
The collapse in revenue for Airbnb might force homebuyers who had put their homes on its marketplace to sell their properties—and trigger a housing bust in some cities comparable to that of 2008.
If it actually happens, it would be a step in the right direction for Bozeman. Something needs to change soon, and this could be the beginning of something good for hopeful homebuyers in the area.