Airbnb asks NYC to reconsider regulations on short-term rentals

(Reuters) - Airbnb on Tuesday asked New York City to reconsider regulations on short-term rentals that went into effect in September 2023, citing higher prices for travelers and zero impact on the housing market.

In a blog post, Airbnb said Local Law LL18, which states hosts must be permanent occupants of the units being rented and must register with the city before posting rentals, has "failed to combat the housing crisis".

After the implementation of the law, the number of Airbnb listings allowing stays under 30 nights has fallen 83%, according to an August report by data analytics firm Airdna.

Airbnb, citing data from Apartment List, said vacancy rates for apartments in New York City have remained virtually unchanged at 3.4% since the law took effect.

The company also said the cost of travel has increased. Hotel rates in New York City were up 7.4% year-over-year in July, compared with 2.1% across the U.S., according to data from Co-Star, Airbnb said.

"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 added.

The New York City mayor's office and the Office of Special Enforcement were not immediately available for comment.

Last year, a New York judge dismissed the company's lawsuit against New York City over the local law.

(Reporting by Aishwarya Jain in Bengaluru; Editing by Krishna Chandra Eluri)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Airbnb Inc. (ABNB) PT Raised to $220 at DA Davidson
• Adobe to offer free access to AI tools in Saudi Arabia in $4 billion deal
• Special Report-As U.S. agriculture wilts under financial pressure, former Arkansas farmer cultivates U.S. Senate bid