ABNB - New York Tells Tourists To Book A Hotel Or Nothin': Airbnb Hosts Chime In On New Law | Benzinga
Airbnb Inc’s (NASDAQ: ABNB) downtown Manhattan listings, often perfect for parties and cozy family vacations near the city's famed tourism destinations, are dwindling.
Airbnb global policy director Theo Yedinsky says a new law sends a resounding message to potential tourists — "You are not welcome."
With the introduction of Local Law 18 on Sept. 5, the landscape of short-term rentals in New York City is poised for a dramatic transformation. So, how do hosts feel about it?
Understanding Local Law 18: The crux of Local Law 18 lies in its stringent measures. All short-term rental hosts must now register with the city. However, to qualify, the host should live in the place they’re renting and must be present during the guest's stay. More to that, there’s a cap on guest numbers: a maximum of just two guests are permitted.
For many, New York City’s regulations spell the end of the Airbnb business model in the city. Such strict ...