A report from AirDNA revealed an 83% drop in Airbnb listings for short-term stays since the law's implementation, exacerbating the accommodation shortage.

Airbnb Inc. is urging New York City officials to reconsider Local Law 18, which imposes strict regulations on short-term rentals.

Despite the law's intentions, rental prices in New York have continued to rise, leaving travelers with limited accommodation options.

Critics of short-term rental regulations argue that they reduce the supply of long-term housing, further driving up rents for city residents.

Airbnb claims that the current rules have significantly decreased the availability of housing units for short-term stays.

The company argues that these regulations have not only failed to lower rents but have also contributed to higher hotel prices.

This request from Airbnb underscores the ongoing tensions between the platform and local housing policies.

The company also points to rising hotel rates, which have increased over 5% above the national average, partly due to many hotels being utilized as shelters for migrants.

As of September 2024, the median asking rent for one-bedroom apartments in the city has reached a record $4,500 per month.

The rise in hotel prices has made it increasingly difficult for travelers to find affordable lodging options.

Airbnb advocates for modifications to the law to enhance accommodation availability and support local hosts who rely on rental income.

The ongoing debate reflects the challenge of balancing housing market regulations with the economic benefits that tourism brings to New York City.