Airbnb asks NYC to reconsider regulations on short-term rentals
Airbnb (ABNB.O) this week asked New York City to reconsider regulations on short-term rentals that went into effect in September 2023, citing higher prices for travellers and zero impact on the housing market.
In a blog post, Airbnb said Local Law LL18, which states hosts must be permanent occupants of the units being rented and must register with the city before posting rentals, has “failed to combat the housing crisis”.
After the implementation of the law, the number of Airbnb listings allowing stays under 30 nights has fallen 83 per cent, according to an August report by data analytics firm Airdna.
Airbnb, citing data from Apartment List, said vacancy rates for apartments in New York City have remained virtually unchanged at 3.4 per cent since the law took effect.
The company also said the cost of travel has increased. Hotel rates in New York City were up 7.4 per cent year-over-year in July, compared with 2.1 per cent across the US, according to data from Co-Star, Airbnb said.
“By rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts and revitalize local businesses that depend on tourism dollars,” Airbnb added.
The New York City mayor’s office and the Office of Special Enforcement were not immediately available for comment.
Last year, a New York judge dismissed the company’s lawsuit against New York City over the local law.