Sharing Is Caring, Unless It Costs You Your Job [NYTimes.com]
For travelers trying to economize, the ability to rent someone’s spare bedroom is a real breakthrough. Cities like New York, London and Paris are easier to visit than they have been in many years.
But for those who actually work in the hotel industry, this business model is bad news: Airbnb and its imitators might eventually put them out of a job.
A new study by researchers at Boston University demonstrates for the first time that as the so-called sharing economy rises, the traditional lodging industry gets squeezed. For every 1 percent increase in the size of the Airbnb market, the researchers found, hotel revenue slips 0.05 percent.
That does not sound like much of a drop. But Airbnb is expanding at a rapid clip.