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“But they got through that,” says Wasiolek. Then a strict law introduced in 2018 roughly halved the number of listings from over 10,000 to around 5,500. Short-term rentals were only legalized in the Golden City in 2015. Wasiolek recalls that San Francisco used to ban rentals of less than 30 days in multi-unit buildings, effectively making most Airbnbs illegal. And some people just want to get rid of them, quite frankly.”

“Some people buy into the negative narratives about short-term rentals. “It does make a difference when you have all the voices at the table.” I think we’re very realistic and open-eyed about it,” he says, adding that the industry is eager to work with officials to come up with appropriate rules. “We would prefer to have one framework across a whole state instead of having 10 different battles across a state with a patchwork of regulations,” says Scarci, whose focus is advocating for his organization’s members and liaising with city and state governments.

AIRBNB MIAMI BEACH PROFESSIONAL

“Our industry is heavily regulated, but nothing much happens at the federal level,” says Nick Scarci, director of state and local government relations at the Vacation Rental Management Association (VRMA), which represents over 1,200 professional rental management companies.

It’s a level of complexity that other players in the short-term rental industry would love to simplify. Airbnb argues the new rule could destroy the $US85 million home sharing market | Source: Getty Images In the 16 years since the company launched, it has seen major markets-including Tokyo, Miami and Paris-issue ordinances to regulate short-term rentals, resulting in a dizzying global patchwork of laws and city codes of varying degrees of burdensomeness. Of course, this isn’t Airbnb’s first civic battle. “A fraction of one percent of Airbnb listings have gotten official verification, which is a sign that the law is extremely restrictive.” And to make matters worse for Airbnb hosts, “it’s my understanding the city isn’t explaining to people why their application is rejected.” As of a month ago, the city had approved only nine registrations for short-term rentals, a number that makes up less than 0.04% of active listings that have been booked at least once since the beginning of the year. I see this as a one-off situation that comes up in a cycle every so often.”įor now, it appears that Airbnb is on the brink of a near-shutdown in New York City, where there are currently 20,000 apartments and homes listed on its site. “Just to put it in perspective,” he explains, “let’s say a hurricane impacts one of your markets and shuts it off for a period of time until the issue gets worked out. While that’s not a small sum by most measures, it’s barely more than 1% of the company’s $8.4 billion annual revenue.ĭan Wasiolek, a senior equity analyst at Morningstar Research Services who covers lodging and online travel, likens the new law in New York to a natural disaster.

Short-term rentals in New York City drove $85 million in annual net revenue for Airbnb in 2022, according to the lawsuit. Set to go into effect next month, New York City Local Law 18 requires city residents who want to rent out a room or apartment to register first with the New York City Mayor’s Office of Special Enforcement (OSE) and attest that they will comply with what Airbnb calls “ the maze of complex regulations in different legal codes governing short-term rentals.” Those who skirt the law are subject to a civil penalty of up to $5,000 for each violation. Last week, Airbnb filed a lawsuit against New York City over a new law that the company is calling a “de facto ban” against short-term rentals that threatens $US85 million in annual revenue for the home-sharing platform. Airbnb has filed a lawsuit against NYC over a new law the city has dubbed the “de facto ban” | Source: Getty Images A new law threatens to demolish a $US85 million market for the home-sharing behemoth-but the Big Apple is just a small piece of its pie.

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