Six months after New York banned Airbnb, New Jersey is doing great | Trending Viral hub

[ad_1]

More than 95 percent of the group’s members say they have no intention of becoming long-term owners, Lindsay says. Instead, she maintains, they now face rising housing costs and no immediate way to offset them. The law “has produced some unintended effects that are hurting smaller property owners,” Lindsay says.

Amid the uncertainties, there may be some winners from the law: hotels in the city and state of New Jersey. Hotel occupancy rates in New York have increased slightly year over year, up 4 percent in January and 3.4 percent through Feb. 24, according to CoStar, which tracks commercial real estate. The average daily room rate in January increased from $198 per night to $209, and from $200 to approximately $207 through February 24.

Across the Hudson River, demand for short-term rentals has increased sharply in Jersey City, Hoboken and Weehawken since the law was passed, all cities that offer quick access to downtown Manhattan. In Jersey City demand is up 77 percent year over year through mid-February, according to AirDNA, while in Weehawken and Hoboken demand is up 45 percent and 32 percent, respectively.

High rents in New York so far do not seem to be affected. Despite lawmakers’ hopes that the ban could reduce them, short-term rentals are just one part of a complex unaffordable housing problem. More than half of New York households are rent burdened, meaning they spend more than 30 percent of their income on housing, by 2023. report of the nonprofit Community Service Society found.

The average rent of properties in the city Zillow It rose $165 in March compared to the same month last year, reaching $3,465. But in January 2024 report from real estate firm Douglass Elliman found that rental prices fell in Manhattan and Brooklyn, areas popular with tourists, after rents stabilized and the number of vacant apartments increased by December. If restricting short-term rentals helps residents, it may take more than six months for the demonstration to unfold. A recent study looked to Irvine, California, which prohibitions short-term rentals in all residential areas, and found that after two years of the ban, rents fell by about 3 percent.

Law enforcement has irregular state. With Airbnb off limits, people turned to Craigslist, Facebook Marketplace or other home-sharing sites like Houfy to list their apartments after being banned from sites like Airbnb or Vrbo. The city has not yet imposed any fines on people who rent their apartments illegally as it is still working to achieve compliance, according to Christian Klossner, executive director of the Mayor’s Office of Special Enforcement, which oversees the licensing process. . But he says the city is responding to complaints related to illegal rentals. As of Feb. 26, the city had received 5,783 applications for short-term rentals. It has approved 1,594, denied 990, and returned more than 3,000 for more information or corrections.

Airbnb opposed the law and defendant the city before it took effect, but the case was dismissed last August. Now that the law is in force, the company maintains its opposition. “In the six months since New York City’s short-term rental rules went into effect, we’ve seen travelers face record hotel prices and former hosts struggling with loss of income, but we haven’t seen any improvement in housing costs,” said Nathan Rotman, Airbnb’s Northeast Policy Lead told WIRED, “We hope city leaders will listen to hosts who are advocating for changes to existing rules.”

Lindsay of the homeowners association says people like him are suffering while their New Jersey counterparts benefit. Renting an apartment on Airbnb “was a lifesaver for me, especially during the pandemic,” he says. The association is working on ways the New York City Council could amend the law to allow these smaller hosts to operate short-term rentals. Right now, he says, it fails to lump together small landowners with big investors. “He treats all the owners as if they were evil, maniacal villains.”

[ad_2]

Check Also

iPhone 16 Pro: New feature will reportedly fix this annoying camera issue | Trending Viral hub

[ad_1] We have not yet seen the iPhone 16but we continue to learn more about …

Google workers protest cloud contract with Israeli government | Trending Viral hub

[ad_1] Dozens of Google employees began to occupy company offices in New York City and …

US Senate to vote on wiretapping bill critics call ‘Stasi-like’ | Trending Viral hub

[ad_1] The United States Senate is about to vote on legislation this week that, at …

Leave a Reply

Your email address will not be published. Required fields are marked *