Transcript

Porto Just Killed 1,413 Listings With a Missing PDF · STR Unpacked

Ben: Good morning and welcome to your short term rental bulletin on the 1st of June and welcome to summer. So we're less than two weeks into the big new EU rental rules, and the first city to actually pull listings didn't use any of them at all. So Porto just cancelled 1,413 short term rental licenses. So that's around 13% of the city stock gone. So why is that more interesting than the number itself? So this wasn't the shiny new EU data system. It wasn't Nightcap, wasn't a ban, it was a missing insurance document. So operators didn't file proof of civil liability cover. So the council pulled their registration. And it's in the historic centre where more than half of these sit. They're never allowed to bring it back. So while everyone braces to some Brussels mega crackdown. The thing wiping out the listings in Porto Porto at least is the same thing it's always been. Local paperwork, order it's boring admin. And that tells you exactly who survives this. It's not the platforms, not the hosts who let their insurance laps. It's the operator who keeps their file clean. And this isn't a war on short term rentals, it's a clear out of amateurs, I think. And the professionals just inherited their supply. Thank you for watching and I'll see you tomorrow.