Banned in NYC: Airbnb One Year Later

Key Points

• Local Law 18 has significantly reduced the number of Airbnb listings in New York City.
• The law aims to increase affordable housing and improve community quality of life, but has led to financial struggles for small-time hosts.
• Despite the crackdown on short-term rentals, NYC's hotel industry is thriving, and a black market for rentals has emerged.

Summary

One year after the enforcement of Local Law 18 in New York City, the landscape of short-term rentals has dramatically changed. The law, designed to convert short-term listings into long-term housing and improve safety, has led to a sharp decline in Airbnb listings and financial challenges for individual hosts. While the hotel industry in NYC is booming, a black market for short-term rentals has emerged, complicating the city's efforts to regulate this sector.