Local Law 18’s implementation has caused a dramatic decrease in Airbnb listings by over 90%, yet it has failed to demonstrate effectiveness in addressing NYC's housing crisis.
Despite its intent to help the housing crisis, LL18 has made travel more costly, with no change in vacancy rates and a continuous rise in rents.
A recent report revealed that the limitations imposed by LL18 may lead to a potential loss of $2.5 billion in spending from Airbnb guests, significantly impacting local economies.
Airbnb's investigation into Local Law 18 shows that the law not only harms the company’s business but also has significant negative ramifications for NYC's broader economy.
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