Airbnb Facing Extinction In NYC

A local New York City law, which recently took effect, imposes such strict regulations on short-term rentals, particularly Airbnb, that it virtually amounts to a ban for many hosts and guests. Ana Kasparian discusses on The Young Turks.

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"THOUSANDS OF AIRBNBS and short-term rentals are about to be wiped off the map in New York City.

Local Law 18, which came into force Tuesday, is so strict it doesn’t just limit how Airbnb operates in the city—it almost bans it entirely for many guests and hosts. From now on, all short-term rental hosts in New York must register with the city, and only those who live in the place they’re renting—and are present when someone is staying—can qualify. And people can only have two guests.

Gone are the days of sleek downtown apartments outfitted for bachelorette parties, cozy two- and three-bedroom apartments near museums for families, and even the option for people to rent out their apartment on weekends when they’re away. While Airbnb, Vrbo, and others can continue to operate in New York, the new rules are so tight that Airbnb sees it as a “de facto ban” on its business.

Short-term rentals can bring noise, trash, and danger, and they can price local residents out of their own neighborhoods. Some landlords in New York are prolific and have hundreds of Airbnb listings. But other New Yorkers who have listings on Airbnb are trying to make ends meet, either leasing their place while they’re out of town or renting half of a duplex to help cover their mortgage costs.

Airbnb is also popular with some of the 66 million visitors a year looking for accommodations that are cheaper and sometimes larger than hotels. In 2022 alone, short-term rental listings made $85 million in New York. The city might be a relatively small slice of Airbnb’s global market, but the new rules show how local governments can effectively stamp out short-term rentals overnight and lessen their impact on dense residential areas. And New York is just one of many cities around the world trying to calm the short-term rental gold-rush."

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