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NYC shuttered 80% of its Airbnbs, $ABNB, in an attempt to make housing more affordable. All that's done so far is make hotels more expensive

Posted on AllSides July 9th, 2024
From The Center

Last September, New York City began enforcing its strict new regulations on short-term rentals. Since then, the number of legal short-term rentals listed on Airbnb and other platforms has plummeted.

Less than a year into the city's policy, known as Local Law 18, it's not clear whether the near-ban is achieving one of its central goals: relieving pressure on the city's severe housing shortage. But as summer tourism heats up, the dearth of rentals and rising hotel-room prices mean visitors to the city are in for an even pricier trip...

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