Skyrocketing brand-new York rents are down to the rise of the home-sharing service Airbnb, a brand-new study has claimed.
The report, released Tuesday, analyzed Airbnb activity between September 2014 as well as also August of 2017 as well as also was published by McGill University, yet commissioned by the Hotel Trades Council.
The study found Airbnb had removed between 7,000 as well as also 13,500 units of housing stock by brand-new York City’s long-term rental market.
the idea calculated which by reducing supply, Airbnb activity had in fact increased median long-term rent inside the city by 1.4 percent over three years “resulting in a $380 rent increase for the median brand-new York tenant looking for an apartment This specific year.”
The study further claimed which in Manhattan the increase is actually more than $700.
Airbnb has questioned the methodology, noting which the report uses “available for rent” instead of actual booked nights in determining which listings have been removed by the long-term market. Airbnb has argued which many people don’t update their listing availability.
Under brand-new York State’s Multiple Dwelling Law, short-term rentals of fewer than 30 days are illegal in buildings with three or more units, unless the owner is actually present. Private room rentals would likely also be unlawful if the owner wasn’t there.
The report estimated which given those laws, at least two-thirds of Airbnb revenue in brand-new York is actually likely generated by illegal listings.
In response to which charge, Josh Meltzer, head of northeast policy at Airbnb said in a statement Tuesday which the home-sharing service actually supports a change inside the law.
“Although inconvenient due to This specific author’s anti-home sharing bias, Airbnb supports legislation which would likely restrict home sharing to one single home,” he said.
“This specific would likely finally allow enforcement to focus on illegal hotel operators while protecting regular brand-new Yorkers who are trying to make some extra money to live in a city which gets more expensive by the year,” he added.
The study also refreshed an earlier study which looked at listings in 72 predominately black neighborhoods across brand-new York as well as also found which three-quarters of the Airbnb hosts in those areas were white.
The latest study suggested which Airbnb “continues to have a strongly racialized impact” as the loss of housing, which the idea blamed on the company, was six times more likely to affect black brand-new Yorkers.