The enforcement of Local Law 18 in New York, which went into effect in September 2023, has caused significant changes to short-term rentals in general and the operation of all related platforms, such as Airbnb. This law introduced strict restrictions on short-term rentals lasting less than 30 days, requiring the presence of the host during the guests’ stay, while limiting the number of guests to two per reservation and prohibiting the use of interior locks.
A year after its implementation, the effects of this law are evident in many aspects of life in New York. First, there has been a drastic decrease in the number of short-term rental listings available. Before the implementation of the law, there were tens of thousands of active listings, while today, only a small percentage of owners have managed to comply with the new requirements. Indicatively, by the end of August 2024, fewer than 300 applications for short-term rentals had been approved.
This decline has brought significant changes to the housing market and the city’s tourism sector. On the one hand, supporters of the law, such as local officials and representatives of the hospitality industry, argue that the legislation helps address New York’s housing crisis by reducing the number of properties available for short-term rentals and encouraging their use. for long term rental. This, proponents say, helps stabilize rents and protect permanent residents from displacement.
On the other hand, critics of the law point out that the strict regulations have a negative impact on tourism and the city’s economy. The drastic reduction in available short-term accommodation limits visitor options and may lead to a decline in tourist arrivals, with negative consequences for small businesses that depend on tourism.
Overall, the implementation of Local Law 18 is reshaping short-term rentals in New York, creating a heated debate around the law’s effectiveness in addressing the housing crisis and its impact on the local economy.
The article Local Law 18 in New York: One year later – implications and challenges for short-term rentals first appeared in TravelDailyNews International.
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