May 19, 2016
In the early years of Airbnb, the popular home-rental company, it was largely billed as a way for homeowners in need of extra cash to rent out a spare room to budget-minded travelers. It became a great way for people to visit pricey cities such as New York City, San Francisco and, of course, Chicago without having their wallets gouged by sky-high hotel rates. Everyone seemed to benefit, and it provided a tourism boost for great cities. Soon greed got in the way. Some landlords and developers saw an opportunity to vastly improve their bottom lines and decided to convert long-term rentals into short-term vacation rentals….