NYC Hotel Rates Soar Amid Airbnb Crackdown and Migrant Policy
Photo Credit: A guest room at The Artezen Hotel, an independent hotel in the financial district. Skift / Sean O'Neill
Skift Take
New York hotels have faced a price crunch after the city lost about 10% of its travel lodging supply between new restrictions on short-term rentals and a program to convert many hotels into shelter for migrants.
New York City's hotel rooms are hitting record prices. The main reason? A supply crunch. The city has essentially banned short-term rentals while also converting thousands of hotel rooms into lodging for migrants. A New York Times article this weekend highlighted the issue—here's a closer look at the numbers.
Navigating regulatory environments will be one of many topics discussed at Skift's Short-Term Rental Summit, which will be held in New York City on June 5.
The Numbers Average Rate Last Year: $301 a night last year, up 8.5% year-over-year. First Quarte
