Airbnb Urges NYC to Reconsider Short-Term Rental Rules

Airbnb is urging New York City to reconsider its short-term rental regulations, which were implemented in 2023 under Local Law 18. The company argues that the law, which requires hosts to be permanent occupants and to register with the city before listing rentals, has not effectively addressed the housing crisis. According to Airbnb, the regulation has resulted in an 83% drop in listings allowing stays under 30 nights, as reported by data analytics firm Airdna. The company also notes that apartment vacancy rates have remained virtually unchanged at 3.4%, while hotel prices in New York City have increased by 7.4%, compared to a 2.1% increase across the U.S.

Airbnb claims that the law has reduced accommodation options for travelers and increased costs, without significantly impacting the housing market. The company suggests that relaxing some of the regulations could boost the supply of short-term rentals, benefiting both consumers and local businesses reliant on tourism. The New York City mayor's office and the Office of Special Enforcement have not yet commented on Airbnb's requests.