This Is the True Scale of New York’s Airbnb Apocalypse::A law meant to crack down on short-term rentals in New York City took effect Tuesday. Thousands have dropped off the map, but there are still hosts offering bookings that may break the law.
This Is the True Scale of New York’s Airbnb Apocalypse::A law meant to crack down on short-term rentals in New York City took effect Tuesday. Thousands have dropped off the map, but there are still hosts offering bookings that may break the law.
The gist to it:
70% drop in short-term Airbnbs after the law’s enforcement.
Approximately 15,000 listings disappeared between August 4 and September 5.
Long-term listings (30 days or more) increased by about 11,000.
Long-term listings are exempt from the new registration law.
15k units in a city the size of NY seems like peanuts to me. I would be shocked if that creates any noticeable downward pressure on housing prices in the city. Might increase the cost to travel to NYC and depress tourism a bit, but I doubt even that will be a huge effect.
Considering that (as per the newest official numbers I could find) there are 79,190 vacant apartments, this is quite a drastic increase for now.
https://www.nyc.gov/content/tenantprotection/pages/fast-facts-about-housing-in-nyc
We’ll see how many of those long term listings keep around vs selling out from not being profitable.