Airbnb argues that the new regulations, which mandate hosts to register and be permanent occupants of their units, have significantly reduced short-term rental options by 83%. This indicates that the measures designated to combat the housing crisis have not only failed but have also adversely impacted the availability of affordable accommodations for travelers.
Despite the legal changes, vacancy rates in New York City remain unchanged at 3.4%, suggesting that there is no tangible effect on the housing market resulting from these new rental regulations.
The data also reveals that hotel rental prices have surged in New York City, up 7.4% year-over-year, which disproportionately affects travelers. Airbnb states that if the city were to ease the restrictions, it could revitalize local businesses that thrive off tourism, ultimately benefiting both residents and visitors.
Airbnb's proposition emphasizes the idea that revisiting these regulations not only aims to cater to the growing demand for accommodations but also supports the local economy by sustaining enterprises reliant on tourism revenues.
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