New York City after the city's Airbnb short-term rental ban
Haebom
2
New York City has enacted a new law banning most short-term rentals on Airbnb. This has led to a drop of more than 80% in short-term rental listings on Airbnb, with only 417 listings in the city. The ban has created a “black market,” with short-term rentals also flourishing on social media platforms like Facebook. The ban has also significantly changed the rental market in New York City, with hotel prices expected to rise.
In fact, it is 'officially' banned in Korea too. But...
Points to note
Creating an Underground Economy: New York City’s short-term rental ban is creating an informal market, meaning illegal short-term rentals are likely to increase.
The Role of Social Media: Short-term rentals are booming on social media like Facebook, providing a new avenue for people looking to evade government regulations and use short-term rentals.
Rising hotel prices: The decline in short-term rentals on Airbnb is expected to lead to rising hotel prices, especially during the holiday season.
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