Online rental platform Airbnb has urged New York City officials to reconsider its Local Law 18 regulation that had a sweeping effect on short-term rentals in the city.
Under Local Law 18, which came into effect last year, hosts need to live in the property they are renting and are required to register with the city. Additionally, a limitation on number of guests has been put in place while the hosts are required to provide free access to all areas of the unit.
In a blog post shared on its official website, Airbnb said that the regulation “failed to deliver on the promise to combat the housing crisis.” The company pointed out that the rent prices in NYC continue to be on the rise while travelers have fewer options to secure their accommodation and are forced to turn to pricey hotels.
Airbnb is asking NYC officials to make amends to the regulation and make it easier for people to rent their homes and apartments.
“By rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts, and revitalize local businesses that depend on tourism dollars,” it says in the blog post.
Airbnb also cited relevant data, saying the vacancy rate for New York City apartments has remained unchanged at 3.4% since the implementation of Local Law 18, while hotel costs went up by 7.4% on an annual basis.