The revenues of Airbnb home rentals can be recognized in the United States under mortgage refinancing. The new program is due to be announced by Airbnb, mortgage giant Fannie Mae and three big creditors – Quicken Loans, Citizens Bank and Better Mortgage. It will allow anyone who leases property through Airbnb for at least an year to count revenue as income.
With refinancing, the owners can undergo major repairs, undergo college education, reduce their monthly mortgage payments, or cover any other costs. The lenders are more concerned with such income, including income from the crisis, because of the rupture of the housing bubble.
Airbnb says its service includes reliable income tracking technology, helping middle-class Americans to stay in their homes by enabling them to generate extra money.
The mortgages will be backed by the state agency Fannie Mae. This is considered an acknowledgment that Americans can benefit from the sharing economy.
However, the program also raises concerns about the likelihood that homeowners will be encouraged to occupy more and more on the background of the boom of the unpredictable tourism industry.
In addition, Airbnb faces enormous regulatory challenges across the country on charges of exacerbating housing shortages in major cities and pushing rents up. This could further jeopardize rental revenues through the platform.