![]() ![]() “Our industry is heavily regulated, but nothing much happens at the federal level,” says Nick Scarci, director of state and local government relations at the Vacation Rental Management Association (VRMA), which represents over 1,200 professional rental management companies. It’s a level of complexity that other players in the short-term rental industry would love to simplify. In the 16 years since the company launched, it has seen major markets-including Tokyo, Miami and Paris-issue ordinances to regulate short-term rentals, resulting in a dizzying global patchwork of laws and city codes of varying degrees of burdensomeness. Of course, this isn’t Airbnb’s first civic battle. “A fraction of one percent of Airbnb listings have gotten official verification, which is a sign that the law is extremely restrictive.” And to make matters worse for Airbnb hosts, “it’s my understanding the city isn’t explaining to people why their application is rejected.” As of a month ago, the city had approved only nine registrations for short-term rentals, a number that makes up less than 0.04% of active listings that have been booked at least once since the beginning of the year. CNN Sans ™ & © 2016 Cable News Network.For now, it appears that Airbnb is on the brink of a near-shutdown in New York City, where there are currently 20,000 apartments and homes listed on its site. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. ![]() Your CNN account Log in to your CNN account ![]() A separate report from April also found that half of New York City’s households cannot afford to live in the city. The Short-Term Rental Registration Law at the center of the lawsuits was adopted by the city council last year and aims to ease the affordable housing crises in New York City at a time when the rents continue to skyrocket.Ī report last month found that the median cost of renting an apartment in the Manhattan borough of the city was $4,241 in April – marking an 8% increase from a year prior and a new record high. “We have consistently worked with hosts and platforms to ensure they were aware of their requirements under the law,” Allon said in a statement. Jonah Allon, a spokesperson for the mayor’s office, said the administration’s goal is “protecting safety and community livability for residents, preserving permanent housing stock, and ensuring our hospitality sector can continue to recover and thrive.” While Airbnb has argued its service can be a financial boon to hosts and provide economic benefits to communities, critics have raised concerns that the service risks limiting available housing supply and being disruptive in neighborhoods. The lawsuit is the latest example of Airbnb clashing with officials in New York City and New York State over the past decade. Three Airbnb hosts in New York City also filed a companion lawsuit against the city. “It is a near impossibility for lay New Yorkers to certify compliance with and understanding of the maze of complex regulations in different legal codes governing short-term rentals,” Airbnb said in the suit. In a lawsuit filed in state court Thursday, Airbnb said the “extreme and oppressive regulatory scheme” operates as a “de facto ban against short-term rentals in New York City.” The company also argued that the city’s restrictions around Airbnb hosting are overly complex. Manhattan rents reach (another) record high New York has surged past London as a pricier location to purchase prime residential real estate, according to new data from Knight Frank's annual wealth report. An apartment building in the West Village neighborhood of New York, US, on Tuesday, March 28, 2023. ![]()
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