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For those of you who prefer to stay in a vacation rental rather than a hotel, there's bad news: In New York City, a law that was already passed in 2021 and came into force at the beginning of September re-regulates the market for vacation rentals. A lawsuit filed by Airbnb was dismissed by a state judge a few days earlier.
The effects are now clearly visible: around 18,000 Airbnbs (corresponding to around 77%) previously offered for short-term rentals have now disappeared from the range on the website. At the same time, the (still legal) offers for long-term rentals of more than 30 days increased by around 11,000 offers.
Unsurprisingly, Google searches for hotels in New York City have increased by 24 percent in the last few weeks. Hotel associations also expect an increase in sales of around 16 percent in the coming year due to the new market situation. It means that hotel prices will rise thanks to the reduced availability of rooms.
According to the Associated Press, Airbnb also wants to cancel all existing bookings no longer legal under the new law for travel dates starting December 1st and refund the money in full.
What does the new law say?
Short-term rentals, i.e. stays of less than 30 consecutive days, will only be allowed if the hosts are present in the same apartment or unit.
No more than two paying guests may be accommodated.
In addition, all hosts must register in New York.
When does this take effect?
As of September 5, 2023.
What are the penalties?
Landlords face fines of up to $5,000 per violation.
Does this only affect Airbnb?
No, other platforms, such as Booking.com, are also prohibited from making bookings for unregistered landlords and renters in New York.
What happens to existing bookings?
Unclear. It is best to contact your landlord or landlady promptly.
Are there restrictions on short-term rentals elsewhere, like Airbnb?
Yes, there are already restrictions on short-term rentals in Barcelona, London, Paris, San Francisco, Seattle, Singapore, Tokyo and Vancouver, as well as Berlin, Hamburg and Munich. In Italy, such are also being discussed.