Over the last decade, short-term rentals have boomed across the globe due to the accessibility and ease of online booking platforms such as Airbnb. For visitors, it is easy access to overnight stays in cities around the world. For landlords, neighbors, and policymakers it is unfettered use of what can be a scarce resource in a highly regulated housing market.
Cities around the world are debating the impact of short-term rentals on their housing markets and wrestling with public policy to deal with them. CHPC contributes to this debate in New York City and supports pragmatic solutions that address the negative effects of short-term rentals for housing.
On Wednesday, March 22, CHPC held a discussion about short-term rentals at La Nacional-Spanish Benevolent Society with two very special guests: former San Francisco Supervisor David Campos and former Austin Council Member Chris Riley. The event served as the launch of Sleeping Around, a new report by CHPC that examines short-term rentals in New York City and makes new policy proposals to address some of the problems these rentals can cause for housing. One of CHPC’s proposals would create a licensing scheme to permit short-term rentals in specific circumstances. Campos and Riley were instrumental in developing similar licensing systems in San Francisco and Austin, respectively, and provided valuable insights into the lessons learned in those cities.
Since 2011, the New York State Multiple Dwelling Law has banned rentals of less than 30 days in most apartment buildings if the primary resident is not present during the rental.Read more
Today, CHPC released Sleeping Around, an exploration of short-term rentals and housing in New York City. The study discusses how short-term rentals affect New York’s housing market and proposes policy reforms that could allow this popular practice to continue while mitigating its negative impacts on housing. The report also explores the data that is available (and mostly unavailable) about short-term rentals and includes a guide, current as of March 2017, to the different laws that regulate short-term rentals in New York City.
Under existing law, most apartments can only be rented for less than 30 days if the owner or primary renter is present, which effectively outlaws many short-term rentals. However, there is evidence that thousands of units are rented contravening the ban. Our policy proposals are intended to facilitate a discussion on specific ways how policy can be improved, and are intended to address three major impacts that short-term rentals can have on housing:
- Housing units are taken off the housing market to be used as short-term rentals, decreasing the supply of housing;