- The law was passed in July and will enter into force on 5 September. Registration at the city's office of special executions for the rental of homes, stays of less than one month will be illegal and will punish infringements.
On 5 September, the law limiting short-term rentals enters into force in New York. In the event that housing is to be rented from now on, all owners must register with the office of special executions of the city for later regulation by the authorities. In fact, the town hall explains that there are about 11,000 homes that have been illegally rented.
According to the new law, the owners will have to rent the house for at least one month, which has provoked reactions in the middle El Salto. Airbnbk says that what will come into effect is the “prohibition” of short-term rentals and will serve to convey to tourists the message that “they are not welcome”.
Besides Airbnb, it will affect other companies that do business in renting homes like Booking and Vrbo. In fact, making unregistered payments will be illegal, a fairly common practice in this area. Airbnb earned $85 million in short-term rent in 2022 in New York, explains Forbes. Estimates suggest that this would account for 1 per cent of the company's revenue.
Neither the first nor the last
New York is not the first to take similar measures, Tokyo and Paris, for example, have taken different measures adapted to local reality. Changes in New York measures are also an example in the US, as Dallas and Philadelphia are beginning to limit holiday rentals.