News on Medial

Airbnb asks New York City to reconsider regulations on short-term rentals

Economic Times · 2m

Airbnb has asked New York City to reconsider its regulations on short-term rentals, claiming that they have resulted in higher prices for travelers without making any impact on the housing market. The company argues that local law LL18, requiring hosts to be permanent occupants of the units they rent out and register with the city, has failed to address the housing crisis effectively. Airbnb states that the number of listings allowing stays under 30 nights has dropped by 83% since the law's implementation, but the vacancy rates for apartments in the city remain unchanged. The company also points out that hotel rates in New York City have increased more compared to the rest of the U.S. By rolling back parts of the law, Airbnb believes the city can boost accommodation supply, support hosts, and benefit local businesses reliant on tourism revenue.