"Commit fraud for $500": Investment firm attempts Airbnb scam in BC
An investment company named Cycer Investments caught the eye of social media and the BC government in an attempt to bypass recently announced Airbnb regulations via an apparent scam.
The company offered $500 for “a couple hours of your time,” asking anyone interested in the deal to change their address through ICBC to an Airbnb address.
“We will pay $250 once we see you’ve changed your address and another $250 once you’ve gotten the approval for Airbnb.”
Cycer’s website is no longer accessible, and the original Craigslist post outlining the apparent scam has been deleted.
A cached version of Cycer’s website states its purpose.
“Established in 2021, our short-term rental company caters exclusively to business professionals and families.”
Thankfully, screenshots reveal what Cycer was attempting.
Airbnb operators are wildin out pic.twitter.com/XWKoJQLEBu
— SEAN ORR (@seanorr) November 12, 2023
The person who shared the picture initially theorized that maybe it was spam or a prank. But, it caught the eye of BC Housing Minister Ravi Kahlon, who responded to the photos of the scam on X.
“Don’t let desperate scammers like this involve you or anyone you know in fraud. It’s not worth it,” he said.
Kahlon unveiled the new regulations to crack down on short-term rentals earlier this autumn.
One aspect of those regulations that Cycer was seemingly attempting to skirt was that short-term rentals are only allowed in a principal residence with a secondary unit, like a basement, laneway home or garden suite.
According to the new regulations, hosts can still rent out their homes or a secondary suite when they are away if permitted by local bylaws, and the new policies related to the principal residence requirement will be enacted on May 1, 2024.
A Reddit thread on the Craigslist post has received thousands of comments.
“Commit fraud for $500!” one user said.
“The funniest thing about this is thinking people would do this for $500,” someone else suggested.
So far, the BC government’s regulations seem to have positively affected Vancouver’s rental market.
With files from Kenneth Chan