NYC banned Airbnbs to make housing cheaper, but only made hotels more expensive
Strict regulations in NYC reduced legal short-term rentals to 2,276 due to Local Law 18. Impact on housing crisis uncertain, but hotel prices rose. Critics fear harm to small hosts and question effectiveness.
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Since the enforcement of strict regulations on short-term rentals in New York City last September, the number of legal short-term rentals has dropped significantly. As of June 24, there were only 2,276 legal short-term rentals, a decrease attributed to the city's policy known as Local Law 18. The law aims to address the housing-affordability crisis and boost the hotel industry. The regulations require hosts to meet specific criteria, leading to a decline in short-term listings on platforms like Airbnb. While the impact on housing shortage relief is uncertain, the decrease in short-term rentals has resulted in higher hotel prices, affecting visitors' accommodation costs. The city is working with rental platforms to ensure compliance before imposing fines. Critics argue that the regulations may not effectively address the housing crisis and could harm small-time hosts who rely on rental income. The situation highlights the complex interplay between short-term rentals, housing affordability, and the hotel industry in New York City.
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9 commentshttps://www.nytimes.com/2024/05/25/nyregion/hotels-prices-mi...
Also, regarding rents not going down. According to the MNS report for Manhattan [1], non-doorman studios are down ~1.2% from last year, and non-doorman one-bedrooms are up only ~.6%. Those are exactly the types of units that were commonly being set up as full-time Airbnbs. Also, Airbnbs were especially concentrated in neighborhoods that did see large drops in rents, like EV and Soho, so maybe it did have an impact.
Shame on Business Insider for running a headline that contradicts the article. And shame on the authors for not even investigating the issue at all. You can pretty easily check the effect simply by comparing the change in rental prices in NYC to those in places that didn’t ban Airbnb. Maybe Boston, a nearby city.
It's remarkable how some cities will do literally anything but that, probably because they know it will work and they're controlled by property owners.
> Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.
Won't anyone think of the poor AirBnB investors!?
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