NYC Issues Over $16 Million in Short-Term Rental Fines

So far, the strict new regulations governing Airbnb and other short-term rentals have not made a significant impact on the rental housing market.

1 minute read

May 16, 2024, 5:00 AM PDT

By Diana Ionescu @aworkoffiction


Multicolored four-story brick New York City apartment buildings with fire escapes

Ryan DeBerardinis / New York City apartment buildings

New York City’s recent crackdown on short-term rentals is reverberating across the tourism industry.

According to an article in The Real Deal, “As of the end of March, the city has scored $16.3 million in settlements from lawsuits related to Local Law 18, Bisnow reported.”

The article notes that short-term rental options declined by 80 percent since the law went into effect. However, over 6,100 new applications were submitted in the first part of 2024. Meanwhile, “Hotels have surged in demand and profitability at the end of the year, recording a jump in average daily rates of 10 percent year-over-year, according to CoStar.”

An analysis conducted in January 2024 — just four months after the new regulations took effect — found no decrease in rents or increase in apartment inventory.

Wednesday, May 15, 2024 in The Real Deal

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