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NYC banned Airbnbs to make housing cheaper, but only made hotels more expensive

There were more than 22,000 short-term rentals listed in NYC last August. The number of legal listings has dropped precipitously.

"Illegal short-term rental operators hurt our hospitality industry and make it harder for New Yorkers to find affordable housing, and we must ensure we are holding them accountable," New York City Mayor Eric Adams said in a statement this past March. "New York City's short-term rental rules have significantly reduced accommodation options for visitors and contributed to higher hotel prices that are making it more expensive to visit the Big Apple," Nathan Rotman, Airbnb's Northeast policy lead, said in a statement to BI. "I see these buildings on Central Park with penthouses that are empty because nobody can pay millions for apartments like that," the owner, who remained anonymous for privacy reasons, told BI.

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