NYC Airbnb Crackdown Leads to Listing Decline, But Housing Market Impact Unclear

New York City implemented new restrictions on Airbnb rentals, requiring registration and hosts to live with guests. This caused a 70% drop in listings.
Author Robert Kiyosaki warned the Airbnb decline could lead to a housing market crash, but said it's a good buying opportunity.
Kiyosaki has warned before of impending housing and Airbnb crashes, though both markets have so far remained resilient.
A June viral tweet claimed Airbnb revenues per listing dropped 50% in some cities, but a study found only a 3.6% decline over the past year.
The new NYC rules intended to increase housing availability for residents, though some say it limits options for visitors.

newsweek.com

Relevant topic timeline:

9/4/2023

Thousands of NYC Airbnb listings face removal as city drags feet over...

Thousands of Airbnb rentals in New York City may be delisted due to the city's failure to verify new regulations, leaving hosts uncertain and potentially facing fines of up to $5,000.

9/5/2023

The End of Airbnb in New York

Airbnb and other short-term rentals in New York City are facing a major setback with the implementation of Local Law 18. The law is so strict that it nearly bans Airbnb entirely, as hosts must now register with the city and be present when guests stay. Additionally, hosts can only have two guests at a time. The new rules aim to address the potential negative impacts of short-term rentals, such as noise, trash, and pricing out local residents. While Airbnb has tried to fight back, the law stands, and hosts are now seeking meetings with city officials to attempt to change the legislation. This crackdown on short-term rentals is not unique to New York City, as many other cities around the world are taking different approaches to regulate the industry. However, despite the increasing restrictions, Airbnb continues to grow, generating billions of dollars in revenue.

9/5/2023

Wall Street Breakfast: Against The Grain

Ukraine's grain export deal with Russia remains uncertain, impacting global grain prices, while Russia continues to export record volumes of wheat and ink deals with other countries. Airbnb hosts in New York face new regulations that ban short-term rentals, potentially setting a precedent for other cities. A lack of homes for sale in the US has pushed up home prices, with the median home-sale price reaching its highest level since October. AI adoption in the healthcare sector is expected to double by 2024, with potential transformative effects.

9/5/2023

New York City begins tough crackdown on Airbnb listings

New York City's new ordinance, Local Law 18, requires all short-term-rental hosts, including those on Airbnb, to be registered, live in the rental, be present during guests' stay, and host only two guests at a time, likely causing a significant decrease in the number of Airbnb listings.

9/13/2023

New York's Airbnb Crackdown Drives Short-Term Rentals Underground

New York City's restrictions on Airbnb and other short-term rental platforms have led to the emergence of a black market for rentals, with hosts resorting to informal methods such as Craigslist and Facebook Marketplace to attract guests and arrange payments. Despite the regulations, hosts find ways to continue renting out their properties and earning income through alternative avenues.

9/14/2023

Kiyosaki Warns Airbnb Regulations Could Spark Real Estate Crash, But Data Shows Rental Market Still Strong

"Rich Dad Poor Dad" author Robert Kiyosaki warns that a downturn in the short-term rental market, specifically caused by new regulations on Airbnb, could lead to a real estate crash, although data suggests that the rental market is still fairly healthy with only a small decline in profits.

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Posted 9/15/2023, 10:42:10 AM

NYC Airbnb Crackdown Leads to Listing Decline, But Housing Market Impact Unclear

New York City implemented new restrictions on Airbnb rentals, requiring registration and hosts to live with guests. This caused a 70% drop in listings.
Author Robert Kiyosaki warned the Airbnb decline could lead to a housing market crash, but said it's a good buying opportunity.
Kiyosaki has warned before of impending housing and Airbnb crashes, though both markets have so far remained resilient.
A June viral tweet claimed Airbnb revenues per listing dropped 50% in some cities, but a study found only a 3.6% decline over the past year.
The new NYC rules intended to increase housing availability for residents, though some say it limits options for visitors.

newsweek.com

Relevant topic timeline:

9/4/2023

Thousands of NYC Airbnb listings face removal as city drags feet over...

Thousands of Airbnb rentals in New York City may be delisted due to the city's failure to verify new regulations, leaving hosts uncertain and potentially facing fines of up to $5,000.

9/5/2023

The End of Airbnb in New York

9/5/2023

Wall Street Breakfast: Against The Grain

9/5/2023

New York City begins tough crackdown on Airbnb listings

9/13/2023

New York's Airbnb Crackdown Drives Short-Term Rentals Underground

9/14/2023

Kiyosaki Warns Airbnb Regulations Could Spark Real Estate Crash, But Data Shows Rental Market Still Strong