The new law seeks to bring back 36,000 tourist units to the long-term market to ease the housing crunch.
A new policy barring short-term leases of fewer than 30 days on platforms like Airbnb or VRBO went into force this week.
“I think New York’s making a big mistake and shooting themselves in the foot by keeping younger people out of the city,” said Joe McCambley, 66, a former regular client of Airbnb. The mayor’s office wants to put an end to what it calls an illegal practice, which generates “noise, litter and personal safety” issues for permanent residents.
In a city with rents averaging around US$5,000 a month, one of the goals of the new ordinance is to get many of these tourist apartments back onto the long-term market, alleviating the city’s chronic housing shortage.The organisation RHOAR, which brings together small landlords of up to two homes, says that eliminating short-term rentals “will threaten owners’ ability to cover their mortgages, possibly creating an additional housing crisis”, and puts them “at acute financial and personal risk”.
“Almost everybody in the group owns their own home and… they bought it thinking they had the right to do whatever they wanted,” she said.“Everybody’s waiting to see what’s going to happen next because no one can quite believe that this is a permanent change,” she added. “There are so many young people who visit New York who can’t afford to stay in a hotel,” said McCambley, the former Airbnb client. “They’re not going to be able to… pay US$400 a night.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NYPD agrees to scale back enforcement of protestsNEW YORK: The New York City Police Department on Tuesday agreed to scale back its enforcement of street protests like those that erupted after the dea...
Read more »
New York-based artist's exhibit goes back to her Malaysian rootsIn Azzah Sultan's exhibition 'Dah Makan Kah?' lies a journey marked by homesickness and a yearning for the familiar
Read more »
Malaysia seeks return of ex-Goldman banker Roger Ng convicted in 1MDB caseNEW YORK, Sept 6 ― Malaysia wants a former Goldman Sachs banker convicted last year in New York of helping loot billions of dollars from its 1Malaysia Development Berhad...
Read more »
Malaysia seeks return of ex-Goldman banker convicted in 1MDB caseNEW YORK: Malaysia wants a former Goldman Sachs banker convicted last year in New York of helping loot billions of dollars from its 1MDB sovereign wea...
Read more »
Man Utd share price tumbles with club sale in questionNEW YORK: Manchester United&039;s valuation on the New York Stock Exchange plummeted by more than $700 million Tuesday after a British media report that t...
Read more »
Malaysia seeks return of ex-Goldman banker convicted in 1MDB caseNEW YORK: Malaysia wants a former Goldman Sachs banker convicted last year in New York of helping loot billions of dollars from its 1MDB sovereign wealth fund to return to the country before starting his 10-year US prison sentence.
Read more »