NYC might lose more than 10,000 Airbnb listings in 2023

New York City is the third largest Airbnb market in the world, after London and Paris. However, soon, that might change. The city plans to enforce new strict regulations that will likely push Airbnb hosts to remove approximately 10,000 short-term rentals from the platform. 

Earlier in November, Mayor Eric Adams introduced a set of rules for implementing Local Law 18, which will go into effect on January 9, 2023. Under the new law, Airbnb hosts will be required to register their homes with the NYC Office of Special Enforcement. 

Applicants must submit the property’s floor plan, proof of permanent occupancy, and the list of full legal names of all permanent occupants and their relationship to the host. In addition, hosts will have to attach a detailed diagram of their apartment or house that highlights the areas that will be used for renting, as well as fire exits. 

New York City has some of the most restrictive rules for short-term rentals. Homeowners are not allowed to rent out their units for fewer than 30 days if they are not present at the property during the entire stay. However, a recent report from Curbed showed that New York City has more Airbnb listings than actual apartments available for long-term rent. The new measures aim to help address the city’s housing crisis. 

Airbnb hosts will be required to pay an application fee of $145, and those who fail to register their units will face hefty fines of up to $5,000. Many New Yorkers who list their homes on Airbnb have criticized the new rules, citing that the additional income from renting out the units helps them to pay their bills. In addition, Airbnb hosts also offer affordable accommodation to those visiting New York City. 

“Since i have been doing Airbnb I have been able to pay my mortgage and my children’s college funds," says one of the commenters under the Public Hearing section on the NYC Rules website. "Doing Airbnb is not easy however it is a pleasure to make sure that my house is always clean. Neighborhood is safer because tourists from all over are coming just to sleep so they can go out and tour. It is unfair that we have to be so restricted in our own homes.”

Resources:

“NYC Spars With Hosts Over New Airbnb Rental Laws,” by Michael Tobin (Bloomberg, 2022)

“NYC May Lose 10,000 Airbnb Listings Due to New Regulations,” by Serena Tara (thrillist, 2022)

“NYC's Strict New Airbnb Regulations Could Affect Your Next Trip,” by Chris Mench (thrillist, 2022)

“New York Now Has More Airbnb Listings Than Apartments for Rent,” by Kim Velsey (Curbed, 2022)