financetom
Business
financetom
/
Business
/
Airbnb asks NYC to reconsider regulations on short-term rentals
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Airbnb asks NYC to reconsider regulations on short-term rentals
Sep 3, 2024 4:30 AM

(Reuters) - Airbnb on Tuesday asked New York City to reconsider regulations on short-term rentals that went into effect in September 2023, citing higher prices for travelers and zero impact on the housing market.

In a blog post, Airbnb said Local Law LL18, which states hosts must be permanent occupants of the units being rented and must register with the city before posting rentals, has "failed to combat the housing crisis".

After the implementation of the law, the number of Airbnb listings allowing stays under 30 nights has fallen 83%, according to an August report by data analytics firm Airdna.

Airbnb, citing data from Apartment List, said vacancy rates for apartments in New York City have remained virtually unchanged at 3.4% since the law took effect.

The company also said the cost of travel has increased. Hotel rates in New York City were up 7.4% year-over-year in July, compared with 2.1% across the U.S., according to data from Co-Star, Airbnb said.

"By rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts and revitalize local businesses that depend on tourism dollars," Airbnb added.

The New York City mayor's office and the Office of Special Enforcement were not immediately available for comment.

Last year, a New York judge dismissed the company's lawsuit against New York City over the local law.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Chatter: Apple Working With Broadcom on AI Chip
Market Chatter: Apple Working With Broadcom on AI Chip
Dec 11, 2024
09:21 AM EST, 12/11/2024 (MT Newswires) -- Apple ( AAPL ) is working with Broadcom ( AVGO ) as it develops its first server chip specially designed for artificial intelligence, The Information reported Wednesday, citing three people with direct knowledge of the project. Apple's ( AAPL ) work with Broadcom ( AVGO ) pertains to the chip's networking technology, a...
Enphase Energy Starts Shipping IQ8X, IQ8 Microinverters With Higher Domestic Content
Enphase Energy Starts Shipping IQ8X, IQ8 Microinverters With Higher Domestic Content
Dec 11, 2024
09:25 AM EST, 12/11/2024 (MT Newswires) -- Enphase Energy ( ENPH ) said Wednesday it has started shipping IQ8X microinverters and IQ8P-3P commercial microinverters provided by plants in the US with higher domestic content than previous models. The company previously said that some IQ8 microinverters, combined with other US-made solar equipment, could qualify for the domestic content bonus tax credit...
UniCredit's Orcel was plotting bid before Banco BPM forced hand, sources say
UniCredit's Orcel was plotting bid before Banco BPM forced hand, sources say
Dec 11, 2024
MILAN (Reuters) - UniCredit CEO Andrea Orcel has been drawing up plans to take over Banco BPM for years and was almost ready to pull the trigger, two sources close to the matter said. But instead of being able to choose the right moment, UniCredit had to rush out a 10 billion euro bid when Italy's third-largest lender made its...
Lightwave Logic Names Yves LeMaitre CEO
Lightwave Logic Names Yves LeMaitre CEO
Dec 11, 2024
09:17 AM EST, 12/11/2024 (MT Newswires) -- Lightwave Logic ( LWLG ) said Wednesday that it has named Yves LeMaitre as chief executive officer, and Thomas Zelibor, former CEO and chairman, as president. LeMaitre succeeds Michael Lebby, who retired as chairman and CEO as of Tuesday, Lightwave said. The company's board also named Ronald Bucchi, current lead independent director, as...
Copyright 2023-2026 - www.financetom.com All Rights Reserved