The city’s new rules, which went into effect this week, require landlords to register with the city and fulfill certain obligations if they plan to rent out their homes to guests for 29 days or less.
The Short-Term Rental Registration Act actually went into effect on March 6 of this year, but the New York City Office of Special Enforcement didn’t start cracking down until Tuesday. Step One: Work with the short-term rental company to make sure they use the city’s verification system.
This is where the culling can begin. Airbnb estimated last month that there were nearly 15,000 listings in New York City last month.However, according to New York TimesAs of Aug. 28, the city had only received about 3,250 registration applications. Of these, only 257 were approved.
These regulations impose some strict requirements on those looking to rent out their homes. For example, a landlord can only rent out a property if he, too, lives there. And a maximum of two guests are allowed at a time.
Airbnb opposed the law, calling it a “de facto ban” on short-term rentals and trying to block it through legal channels. However, that lawsuit was dismissed last month.
For anyone who has already booked a short-term rental in NYC and is wondering if they need to make alternative plans, the answer is…it depends. If your check-in date is before December 1st, you should be fine. The city has no plans to cancel the reservation. However, for guests after December 2, the company will cancel the reservation and issue a refund.
The new rules won’t just inconvenience travelers. Airbnb could lose millions of dollars in revenue in one of its largest markets. In its lawsuit against the city’s rules, Airbnb said it would have net revenue of $85 million in New York City in 2022.
