Exploring The Aftermath Of Airbnb’s New York City ExitThe Big Apple's new law is rubbing a lot of locals the wrong way. Shutterstock
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Whether you live in the Big Apple or not, you might have heard about a new law that essentially bans short-term home rentals in the nation’s most populous city. The move has forced platforms like Airbnb and VRBO to all but pull out of the market entirely.
The debate rages on
Proponents of the new law say there are a host of potential benefits to strictly limiting the availability of short-term rentals by property owners.
It could crack down on rich investors scooping up property in order to list it on Airbnb while easing the noise associated with high renter turnover.
But while the best-case scenario involves lower rent and quieter neighborhoods, a large swath of the city remains concerned about more immediate problems.
Many of the Airbnb hosts across New York City put their property up for rent in order to help afford the city’s sky-high housing prices. Now that they’re unable to supplement their costs, they’re afraid they’ll be forced to move.
One of many people who fall into this category is 64-year-old Tricia Toliver, a freelance stage manager who has been able to bring in $3,000+ each month for about five years by listing the first floor of her Brooklyn townhouse on Airbnb.
Although she’d be able to rent it out to a long-term tenant under the current rules, that would open her up to new legal risks and requirements and she’s never had any interest in becoming a landlord. So she remains in limbo with her bottom floor unoccupied and that much-needed monthly income completely dried up.
Nearly 11,000 rentals were pulled since the law went into effect, meaning many other New Yorkers are in the same boat as Tricia.