The City Council's introduction of a bill for Airbnb threatens to remove tens-of-thousands of homes from the market, exacerbating the existing housing crisis.
The current rental vacancy rate in New York City is historically low at 1.4%, leading to skyrocketing rents, with median rents rising by 16.3% in five years.
For many everyday New Yorkers, affordability is already a significant issue, with the median household income around half of what it takes to afford average rent.
Voters overwhelmingly cite high living costs as their top concern, indicating that allowing Airbnb's influence will worsen the housing affordability crisis.
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