September 6th 2023.
New York City is one of the most popular tourist destinations in the world, and consequently, it's one of the largest hubs for short-term rentals. However, a new law may spell the end of one of the world’s largest rental companies, Airbnb.
Local Law 18, which went into effect on Tuesday, Sept. 5, imposes several new regulations on short-term rental hosts. Hosts must register with the city of New York and must live in the residence they’re renting. Additionally, the limit on guests has been set to two and the registrant must stay in the rental while renters are present.
The new law has been met with mixed reviews. Some see it as a way to prevent price gouging that leads to the displacement of many residents, while others feel that those who rent to make ends meet in the expensive city will be most affected. Airbnb itself has attempted to push back on the regulations, but has found little sympathy in court. Theo Yedinsky, global policy director for Airbnb, claims that the law “is sending a clear message to millions of potential visitors that they are not welcome” in New York City.
Small-time hosts and local landlords, who often rent out their properties to make ends meet, will be left with even fewer options to contend with inflation under the new guidelines. Margenett Moore-Roberts, who rents out a two-bedroom apartment in her Brooklyn brownstone to help her cut costs while unemployed, believes the law is too strict and not helpful to many of those most affected by it.
Overall, the new regulations on Airbnb and other short-term rental companies may have a lasting effect on the real estate market in New York City. With fewer options available for potential visitors and locals alike, the new laws may have a detrimental effect on those who rely on rental income to make ends meet.
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