This Is the True Scale of New York’s Airbnb Apocalypse
wired.com
This Is the True Scale of New York’s Airbnb Apocalypse::A law meant to crack down on short-term rentals in New York City took effect Tuesday. Thousands have dropped off the map, but there are still hosts offering bookings that may break the law.
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The gist to it:
70% drop in short-term Airbnbs after the law's enforcement.
Approximately 15,000 listings disappeared between August 4 and September 5.
Long-term listings (30 days or more) increased by about 11,000.
Long-term listings are exempt from the new registration law.
15k units in a city the size of NY seems like peanuts to me. I would be shocked if that creates any noticeable downward pressure on housing prices in the city. Might increase the cost to travel to NYC and depress tourism a bit, but I doubt even that will be a huge effect.
Considering that (as per the newest official numbers I could find) there are 79,190 vacant apartments, this is quite a drastic increase for now.
https://www.nyc.gov/content/tenantprotection/pages/fast-facts-about-housing-in-nyc
We'll see how many of those long term listings keep around vs selling out from not being profitable.