"Instead of improving affordability, these regulations have priced out everyday consumers and left former hosts struggling to make ends meet," said Theo Yedinsky, vice president of public policy at Airbnb, in a press release.
Airbnb says the outer boroughs, including the Bronx, have suffered disproportionate economic losses under Local Law 18. According to Airbnb, the Bronx now has only 70 listings, down from 1,000, leading to a decline in monthly guests from 7,000 to 380 and a loss of local revenue.
The law primarily benefits Manhattan hotels that jack up their prices, while harming the local economies of the outer boroughs.
Local Law 18 of 2022, which took effect in March 2023, required all short-term rental hosts to register with the Mayor's Office of Special Enforcement (MOSE). This law has restricted options for travelers, increasing average hotel prices to $301 per night.
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