Banned in NYC: Airbnb One Year Later

9/3/2024

New York City's year-old Local Law 18 hasn’t yet led to a significant amount of additional long-term housing in the city, and hotels are thriving. But small-time short-term rental hosts have lost a key source of income, writes Dennis Schaal, executive editor at Skift, who adds, "Modifications, and a more balanced approach, are needed." Theo Yedinsky, Airbnb’s vice president of public policy, says Local Law 18 hasn’t achieved its aims. “What we said, based on experience in dealing with thousands of other cities around the world, and the data started to show this, is that it would not reduce rent prices, it would not reduce home prices, it would not increase vacancy rates, and that it would move the activity underground."

Skift (09/01/24) Dennis Schaal

Read More - May Require Paid Subscription