Airbnb asked New York to review the rules for short-term rentals , which came into effect in September 2023, citing higher fares for passengers and zero impact on the housing market.
In 2023 a New York court dismissed the company's case against the city on local law.
According to Airbnb, local law LL18, which requires owners to be permanent residents of rental properties and register with the municipality before listing rentals, “has failed to address the housing crisis”.
Since the law went into effect, the number of Airbnb listings for stays of less than 30 nights has dropped by 83%, according to an August report by AirDNA.
Airbnb reported that the vacancy rate in New York has remained largely unchanged at 3.4% since the law took effect.
New York hotel prices rose 7.4 percent year-over-year in October, compared with 2.1 percent in the U.S., according to Co-Star data. “By repealing part of the law, the city can increase the supply of housing for consumers, support local property owners and revitalize local businesses that rely on tourism revenue,” Airbnb added.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE