Airbnb is calling on New York City to reconsider its Local Law 18, implemented in September 2023, which requires short-term rental hosts to be permanent residents and register with the city. The company argues that the law has not alleviated the housing crisis but instead led to an 83% drop in short-term rental listings and a significant rise in hotel prices, with a 7.4% year-over-year increase noted in July.
Learn more about the 2024 Vault Conference and secure your ticket today!
Airbnb claims that the vacancy rate for apartments has stagnated at 3.4%, contradicting the law’s intended effects. By relaxing these regulations, Airbnb believes that accommodation options for travelers could expand, benefiting both resident hosts and local businesses dependent on tourism.
The New York City mayor’s office and enforcement bodies have yet to comment, and the potential for further legal disputes looms, especially after a previous lawsuit was dismissed. This situation adds to the ongoing debate about the role of short-term rentals in urban housing policy.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
Got a hot scoop or an idea for a story? Connect with the VT writers on Minnect!
Add comment