New York City recently introduced one of the most restrictive laws regarding tourist rentals, particularly for platforms such as Airbnb. In fact, it is now prohibited to offer rentals whose duration is less than 30 days. This decision was taken following a long legal battle and mainly aims to combat the housing crisis plaguing this American metropolis.
Binding rules for seasonal rental
Airbnb and other rental platforms must now comply with New York regulations. However, certain exceptions have been provided. Thus, rentals of class B apartments located in buildings will be accepted. In addition, it will be possible to rent private accommodation for a period of less than 30 days only if the owner is present at home for the entire duration of the tenants’ stay.
Some examples of binding rules:
Hosts must register with the city They can only accommodate two tenants maximum Their room must remain accessible
This new legislation directly affects tens of thousands of apartments and owners who do not comply with these rules face fines of up to several thousand dollars.
Housing crisis: the solution in New York?
The municipality of New York decided to implement this law in order to combat the housing crisis that affects many people in the city. Indeed, it is increasingly difficult for residents to find accommodation and tourist rentals offered by Airbnb are often singled out as being one of the main causes of this situation.
Significant drop in the number of accommodations available on Airbnb
With the entry into force of this legislation, the supply of Airbnb accommodation will become scarce in New York. Thousands of Airbnbs and short-term rentals are in the process of being wiped off the map. This drastic reduction in the number of available housing should make it easier for New York residents to find housing and stabilize the local real estate market.
Reactions from rental market players
This new legislation obviously raises various reactions from the different players in the rental market. On the one hand, some rental companies believe that these regulations are too strict and risk seriously harming their business. On the other hand, tenant defense associations welcome this initiative, highlighting the fact that it will free up housing for New York residents and relieve tension on the real estate market.
What about other cities around the world?
This decision taken by New York City could well inspire other metropolises around the world which are also facing a housing shortage. Indeed, certain large cities such as Paris, London or San Francisco could also be tempted to adopt similar measures in order to regulate the rental market and prevent platforms such as Airbnb from worsening the situation.
New legislation put in place in New York to combat the housing crisis marks an important turning point for tourist rental platforms such as Airbnb. While the latter have experienced exponential growth since their creation, it seems that the authorities are beginning to realize the negative consequences they can have on the local real estate market and are putting in place restrictions aimed at protecting their residents.
2023-09-12 02:00:00
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