Airbnb has requested that New York City reconsider a law on short-term rentals that went into effect a year ago in September 2023, saying that the new rules have had no impact on the housing market while saddling travelers with higher prices.
NYC’s Local Law LL18 requires that Airbnb hosts register with the municipal authorities before renting out their properties. More restrictively, hosts must be permanent occupants at the rentals.
In a blog post, Airbnb noted that vacancy rates for NYC apartments remained at around 3.4 percent, according to data from Apartment List, or comparable to what they were before LL18 took effect.
While LL18 has “failed to combat the housing crisis,” Airbnb argued, it has caused the number of short-term rental listings —that is, those under 30 days — on the online platform to fall by 83 percent.
Hotel prices have risen by 7.4 percent in New York City over the last year, compared with 2.1 percent nationwide, Airbnb wrote, citing data from Co-Star.
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“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 wrote.
Airbnb has tried to sue to block LL18, but the lawsuit was dismissed by a City judge.
Reuters contributed to this report.
