Try Living in Cape Town, Where 70% of Downtown Housing Is for Tourists
The New York Times • • world
Key Points:
- The Sage, a modern condo building in Cape Town near the Atlantic Ocean, has over a third of its units reserved for short-term Airbnb rentals, targeting tourists rather than local residents.
- Two-bedroom apartments in the building can cost up to $350 per night, which is nearly 40% of the monthly income of a median-income Cape Town family, highlighting the high cost of housing in prime locations.
- Cape Town faces a heated debate over affordable housing, tourism, and the legacy of apartheid segregation, with many locals struggling to afford living near jobs, schools, and essential services in the city center.
- Critics argue that wealthy tourists and developers are driving up housing prices, pushing residents to live far from central amenities, as about 70% of downtown residential housing is allocated to hotels or short-term rentals.
