Banning Airbnb in NYC

 [[{“value”:”NYC is now a more expensive destination for visitors: The average hotel prices in New York City rose 7.4 percent over the past year (July 2023 to July 2024), compared with an only 2.1 percent increase nationally, according to data from CoStar. Despite the law’s promise, rent hits an all-time high and vacancy rates stay
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NYC is now a more expensive destination for visitors:

The average hotel prices in New York City rose 7.4 percent over the past year (July 2023 to July 2024), compared with an only 2.1 percent increase nationally, according to data from CoStar.

Despite the law’s promise, rent hits an all-time high and vacancy rates stay stagnant:

Legislators claimed the law would protect affordable housing, yet rent climbed 3.4 percent during the first 11 months the law was enacted, according to StreetEasy, suggesting that other factors are driving up rent prices.
The median asking price of rent downtown Manhattan over the past year reached a peak of $5,000 USD for the first time in history.
The rent increase in New York City since the law took effect continues to outpace nearby cities like Boston, Chicago and Washington, D.C.
Vacancy rates for apartments in New York City have remained virtually unchanged at 3.4 percent since the law took effect, according to Apartment List.
New York City’s vacancy rates also continue to significantly lag behind Chicago, Boston and Washington, D.C.

Here is the full Airbnb blog post.

The post Banning Airbnb in NYC appeared first on Marginal REVOLUTION.

 Economics, Law, Travel