Airbnb bookings dry up in New York as new short-stay rules are introduced - eviltoast
Under the new restrictions, short-term renters will need to register with the city and must be present in the home for the duration of the rental

Under the new restrictions, short-term renters will need to register with the city and must be present in the home for the duration of the rental

Home-sharing company Airbnb said it had to stop accepting some reservations in New York City after new regulations on short-term rentals went into effect.

The new rules are intended to effectively end a free-for-all in which landlords and residents have been renting out their apartments by the week or the night to tourists or others in the city for short stays. Advocates say the practice has driven a rise in demand for housing in already scarce neighbourhoods in the city.

Under the new system, rentals shorter than 30 days are only allowed if hosts register with the city. Hosts must also commit to being physically present in the home for the duration of the rental, sharing living quarters with their guest. More than two guests at a time are not allowed, either, meaning families are effectively barred.

  • merridew@feddit.ukEnglish
    101·
    1 year ago

    Growth in home-sharing through Airbnb contributes to about one-fifth of the average annual increase in U.S. rents and about one-seventh of the average annual increase in U.S. housing prices.

    Those struggling renters might not be struggling so much if other people renting out their apartments on AirBnB weren’t pushing up their rent by an extra 20%.

    Housing markets have problems. AirBnB is not a responsible solution to those problems.

    https://hbr.org/2019/04/research-when-airbnb-listings-in-a-city-increase-so-do-rent-prices