Skift Take
New York City's defacto short-term rental ban is harsh. Hopefully, the city will revisit the law to strike a more balanced approach.
More than four months since New York City cracked down and limited short-term rentals, Airbnb claims the city hasn't delivered on the benefits it promised to Big Apple residents.
"Many have argued that removing the ability to host short-term renters will open up tens of thousands of available rental units in the city, yet, more than four months after New York City’s short-term rental rules went into effect, there has been no detectable increase in available rental inventory and rents have only risen further," said Taylor Marr, senior housing economist at Airbnb, in a statement. "Policymakers should continue to focus on reforms that encourage new housing construction throughout the region to address the root cause of the affordability challenges.”
Too Soon to Evaluation Local Law 18A handful of months is certainly too soon to judge the eventual impact of Local Law 18, but a December 2023 market report from real estate firm Douglas Elliman seemed consistent with Airbnb's findings on trends New York City rentals. That report found that rental rates in Manhattan were flat year over year; Brooklyn saw higher rents, and Northwest Queens s