- NYC implemented regulations to curb illegal short-term rentals.
- They require hosts to be present for stays of less than 30 days.
- Disappearing Airbnbs in NYC could increase hotel bookings in the city.
New York City had over 30,000 listings on Airbnbs. However, availability of Airbnb listings in the metropolis will be decimated by a new law that went into effect on 5th September. The new measure requires hosts to register with the city while also ensuring hosts be present for stays of less than 30 days, with no more than two people staying in a dwelling at a time.
The fines for non-compliance are not cheap. Hosts on short-term rental platforms like Airbnb, Vrbo, and Booking.com risk fines of up to $1,500 per transaction if the listing isn’t registered with the city.
However, critics argue the move will only push travellers to stay at overpriced hotels while hurting homeowners trying to earn extra income. But supporters of the new measure point out that short-term rentals have contributed to limited housing and record-high rents in the city.
What next?
Cities across the world have been grappling with regulating short-term rentals while still making their cities traveller-friendly.
Although only 1% of Airbnb’s 2022 revenue came from New York, the company will be further affected if more cities adopt such stringent measures.
Additionally, with most short-term rentals listings disappearing in New York, hotel rates are likely to rise as the Christmas holiday season approaches.
