FX Excursions

FX Excursions offers the chance for once-in-a-lifetime experiences in destinations around the world.

Potential Decline of Airbnb Properties in New York

by Allie Moore

Sep 16, 2018

Airbnb Stays in New York © Natee Meepian | Dreamstime.com

Feature

Home-sharing hosts in New York City may soon be forced to pull their listings from sites like Airbnb and HomeAway, thanks to a new law signed by the New York City Council.

Signed in July, certain home-rental sites must submit data about its hosts, including their names and full addresses. Those hosts who have not been following the city’s rules regarding renting out their personal space may have to un-list their properties from the sites, an act that could remove nearly 50,000 listings from the Big Apple.

In the past, owners have been able to choose whether they wanted to share information with Airbnb, but with the new law they will have no choice as the information will be sent automatically from Airbnb to city officials. With this information, city officials have easier access to property owners breaking rental laws. Airbnb hosts are required by law to register their properties and can only rent out their properties in one of three ways: by renting out a room in a space where they also live, by renting out an entire apartment in a shared building for 30 days or by renting out a stand-alone home, such as a townhouse, for an unlimited number of days.

Similar laws have gone into effect in cities like Barcelona, Paris and San Francisco, where home rentals are making it more difficult for residents to find available, affordable housing.

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