Airbnb, the international online platform that allows for renting apartments, is calling on the city of New York to reconsider its regulations on short-term rentals, Reuters reports. The company says changes introduced last year have not improved the situation on the local rental market, which was its goal.
Airbnb has asked New York City to reconsider its short-term rental rules that went into effect in September 2023, citing higher prices for travelers and no impact on the real estate market, Reuters reported.
Airbnb is an online platform for short-term accommodation rentals from private individuals. The portal brings together millions of hosts from over 191 countries around the world
An Appeal to Change the Law on Residential Tenancies in New York City
Airbnb believes that the local law LL18, which requires landlords offering rentals in New York to register with the city before listing their rentals, “has not solved the housing crisis,” Reuters explains. And for the platform itself, the new requirements have caused a significant decrease in available listings on the platform. According to the company, in August, the number of listings on the platform fell by 83 percent, the agency indicates.
At the same time, as Airbnb, quoted by Reuters, pointed out, citing data from Apartment List, the vacancy rate in New York apartments has remained virtually unchanged at 3.4 percent since the law came into effect. In addition, the cost of staying has increased. According to Co-Star data, hotel prices in New York were 7.4 percent higher year-on-year in July, compared to an increase of 2.1 percent in the United States as a whole.
“By rolling back parts of the law, the city could increase the supply of accommodations for consumers, support resident hosts and revitalize local businesses that rely on tourism revenues,” Airbnb added, according to Reuters.
The agency adds that last year a New York judge dismissed the company's lawsuit against New York City over local law.
Representatives of the New York Mayor's office did not provide comment on the matter by the time of publication of the material.
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