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Airbnb bookings dry up in New York as new short-stay rules are introduced
(www.theguardian.com)
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this post was submitted on 06 Sep 2023
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Not surprised that NYC is overcorrecting once again. I work in the industry and out of 2500 apartments we estimate around 20 are tenants involved in short term rentals. The last two we caught were even people that rent multiple rent-stabilized apartments and run their own business on Airbnb. This not only puts a pressure on unit supply in general but also specifically removes affordable housing opportunities for those in need.
At least with the buildings I'm involved in, the bigger issue is the state removing any ability to raise rents on vacant rent-stabilized units. We have at least 60 units sitting vacant indefinitely because it would take over 5 years to recover the cost of fixing up the unit and getting it rented. This rule was meant to stop shitty landlords drom taking advantage of tenants but if their focus was on tenant protection laws instead of completely removing all incentives to invest capital in old units they wouldn't have swapped one issue for another.
I'm sure there are legitimate uses for Airbnb that have now been completely eliminated and we'll see unintended consequences down the line.
NYC has existed before, and will exist after Airbnb
I think a lot of people have kinda forgotten what NYC was like before companies like airbnb and uber showed up.
Before Uber, there were underground networks of ride sharers that had to evade the police by using "secret" signals and code words. It was absolutely wild, required a ton of trust and only really existed because of the stranglehold the cab companies had over the city.
I wouldn't be surprised if there was a similar system in place for rentals before airbnb showed up.
Turns out people will just go back to hotels. Novel concept.
"removing any ability to raise rents on vacant rent-stabilized units"
Am I misreading or doesn't this actually sound great? Whoever wants to raise the rents can fucking starve for all I care. if it's too expensive to fix and rent out then you should lose the place. what's not happening?
5 whole years to see a return on investment! Regulation has gone too far! /s
NYC housing law allows close to unlimited rent increases when apartments are vacant, especially if there are (however dubious) "improvements" made.
If your "issue" is "inability to endlessly profit off an investment in something that should never have been treated as a financial instrument in the first place", then get fucked. Otherwise, please explain.
A lot fewer people are going to vacation to NYC, because NYC hotel rooms are small and unattractive whereas AirBnBs were not.
Fucking lol.