Under the new restrictions, short-term renters will need to register with the city and must be present in the home for the duration of the rental

Under the new restrictions, short-term renters will need to register with the city and must be present in the home for the duration of the rental

Home-sharing company Airbnb said it had to stop accepting some reservations in New York City after new regulations on short-term rentals went into effect.

The new rules are intended to effectively end a free-for-all in which landlords and residents have been renting out their apartments by the week or the night to tourists or others in the city for short stays. Advocates say the practice has driven a rise in demand for housing in already scarce neighbourhoods in the city.

Under the new system, rentals shorter than 30 days are only allowed if hosts register with the city. Hosts must also commit to being physically present in the home for the duration of the rental, sharing living quarters with their guest. More than two guests at a time are not allowed, either, meaning families are effectively barred.

  • BradleyUffner@lemmy.worldEnglish
    21·
    1 year ago

    The market isn’t deciding the best use for the space; it’s deciding the most profitable. These are two very different things.

    • spader312@lemmy.world
      91·
      1 year ago

      I love this way of looking at it. The market optimizes for profit not general good for the public

    • katmandood@lemmy.world
      1·
      1 year ago

      Definitely agree that the free market can come up with some undesirable solutions which is where I think regulation comes in to “guide” the more desirable outcomes that can be found organically. Personally, I think maximum occupancy and increased supply should be the goal where there is limited supply like NYC. Things like a vacancy tax and better zoning could help a lot.

      Also, I’m not sure that I trust the government to find the best use of space either, especially in the face of corporate lobbying. The current road/highway system being built to the detriment of public transportation is a good example where a government prescribed solution can have a negative impact decades later.