Airbnb requested on Tuesday that New York City review its restrictions regarding short-term rentals, which come into force in September 2023. The company cited increasing travel costs and no influence on the housing market for their request.
Airbnb stated in a blog post that Local Law LL18 has “failed to combat the housing crisis.” The law mandates that hosts be long-term residents of the apartments they rent and register with the city before listing rentals.
According to an August research by data analytics firm Airdna, the number of Airbnb listings that allow stays shorter than 30 nights has decreased by 83% since the law’s introduction.
Airbnb cited data from Apartment List, stating that since the law’s implementation, the percentage of vacant apartments in New York City has remained roughly constant. This rate has stayed at about 3.4%.
The business added that travel expenses have gone up. Co-Star data shows that hotel rates in New York City increased by 7.4% year over year in July, while Airbnb reported a 2.1% increase in rates nationwide.
“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 stated.
Remarks could not be obtained immediately from the Office of Special Enforcement or the mayor’s office in New York City.
The company’s case against New York City was dismissed by a New York judge last year due to the local statute.
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