The New Short-Term Rental Regulations in New York City

The New Short-Term Rental Regulations in New York City

These new regulations follow a long-standing feud between home-sharing companies whose rental properties the city claims are taking away housing from New York City residents. 

A previously implemented law that prevents properties from being rented out for less than 30 days without the host present has actually been in place for years. According to the New York Times, more than half of Airbnb’s 2022 city revenue, which amounted to $85 million, came from short-term rentals being used illegally. 

For this reason, the new regulations will now require Airbnb hosts to register with the city of New York before renting out a property on a short term basis. 

One of the primary reasons New York is cracking down on rental properties is largely due to New York’s housing crisis. In April, the New York Times reported that half of New York households can’t afford to live in the city. Other reports show that housing prices there have nearly doubled in the last decade.

The city claims that not only do short-term rentals take up valuable living spaces that could be housing New Yorkers, but they disturb the livies of surrounding residents. Airbnb claims short-term rentals help boost the city’s tourism. 

What does this mean for people booking short-term rentals in NYC? Well, it certainly means there will be fewer options for your stay and you might have to resort to staying in a hotel. It also means that any stays booked in an illegal property after December 2, 2023 will be automatically canceled. 

Related Post