Thousands of Airbnb listings and other short-term rentals are facing a dramatic transformation in New York City. With the enforcement of Local Law 18, the city is ushering in a new era of tight restrictions that will significantly reshape the landscape of short-term rentals.
Understanding the New Rules
Local Law 18, which recently came into effect, introduces a host of stringent regulations. Let’s break down these key provisions:
- Host Registration: All short-term rental hosts in New York City are now required to register with the city.
- Residency Requirement: Only hosts who live in the property they are renting and are present when guests stay can qualify.
- Guest Limit: A strict limit of two guests per rental is imposed.
The Impact on Airbnb and Similar Platforms
The days of booking chic downtown apartments for bachelorette parties or cozy family getaways are dwindling. While Airbnb, Vrbo, and others can technically operate in the city, the new rules are so restrictive that Airbnb views them as a “de facto ban” on its business in New York.
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