Amanda Hoover of Wired is reporting that thousands of Airbnbs and short-term rentals are about to be wiped off the map in New York City. She writes:
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. […]
A growing number of cities might be trying to clamp down on Airbnb rentals, but the company continues to grow. It made $2.5 billion in the second quarter of 2023, up 18 percent year-on-year, with the number of nights and experiences booked on the platform growing by 11 percent in the same period.
Read more here.
