Key Details:
New York City homeowners and small business owners rallied on February 12, demanding reforms to the city's short-term rental (STR) regulations, including Local Law 18. The Host Report covered the details of LL18 here: NYC’s Airbnb Crackdown: Economic Pain, Few Housing Gains
Protesters argued that the regulations disproportionately harm neighborhoods outside Manhattan and called for clearer, more supportive legislative frameworks. Chamber presidents from Brooklyn, Queens, the Bronx, and Staten Island issued a joint statement emphasizing home sharing’s role in driving economic growth by attracting visitors beyond traditional tourist areas.
Manuel Lebron, founder, president, and CEO of the Dominican American Chamber of Commerce, urged the City Council to reconsider these restrictions. “Families visiting loved ones want to stay close to relatives—not in hotel districts far from their support systems. By limiting these options, we’re disrupting community bonds and cutting off vital revenue for local shops and restaurants,” Lebron said. “We urge the City Council to amend the short-term rental law, allowing neighborhoods to thrive alongside the visitors who bring them to life.”
Sandra Jaquez, president of the New York State Latino Restaurant, Bar & Lounge Association, echoed these concerns, highlighting the impact on small businesses. “The City’s strict regulations on short-term rentals have significantly affected local restaurants in the outer boroughs. Fewer short-term rental options mean fewer visitors exploring these vibrant neighborhoods. It is crucial for the City to find a balanced solution that allows responsible homeowners to participate,” Jaquez said.
For Airbnb hosts and short-term rental operators, potential reforms to LL18 could reopen opportunities and simplify compliance, easing the burden on property owners and management companies.
Our Analysis:
New York City’s crackdown on STRs was sold as a tenant safeguard, but in reality, it’s crippling an industry that provides homeowners with essential income and travelers with diverse, affordable options.
The data from HR&A Advisors we discussed here confirms this.
Since stricter enforcement of LL18 began in September 2023, NYC Airbnb listings have plummeted by 92%, yet housing vacancy rates remain stuck at 1.9%, and rents continue to rise. Meanwhile, hotel rates have surged 6% year-over-year, hitting a record $524 per night.
The rallying landlords and small business owners have it right—NYC’s rental regulations need a reality check. If policymakers truly cared about affordability, they’d focus on streamlining housing development, not outlawing an industry that keeps properties occupied and fuels economic growth in the outer boroughs.
Source: amNY
