It is anticipated that Airbnb will no longer last in New York because of the new laws governing the hosting app that have come into force this week. LocalLaw 18 which came into force recently states that all short term rental must register with the city and only those who live in the place they are renting and are present when someone is staying can qualify. Also each person can only have two guests.
For New York visitors the hey day of cozy two and three bedroom rentals near museums and parks for families will now be a thing of the past. The new rules are so strict that it is almost like a de facto ban on the business.
Short term rentals bring noise and often price local residents out of their own neighborhood. Airbnb is also popular with 66 million visitors a year looking for accommodation which works out cheaper than staying at a hotel.
In 2022, these rentals made $85 million in New York. The local government however has in one fell swoop stamped out short term rentals overnight so that certain residential areas are not as crowded.
Airbnb sued New York City in June in an attempt to combat this law but the case was dismissed in August. In addition to this landlords or Airbnb hosts are also appealing to city officials to list their apartments as short term rentals by meeting with city officials to change the law.
Airbnb global policy director Theo Yedinsky said that the rules are a blow to the tourism industry and to thousands of New Yorkers and small businesses in outer boroughs who rely on sharing their home and need the extra income.
Inside Airbnb reports that there are currently more than 40,000 Airbnbs in New York with most of them located around downtown Manhattan, along the Upper East Side and in Williamsburg and Park Slope in Brooklyn.
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