New York Law Would Wipe Half a Billion Dollars of Value for Airbnb Hosts

The New York Senate has passed a new law that would prohibit the advertisement of apartments, tenements, and flat houses for purposes other than “permanent residence.” While the law still needs to be signed by the governor, it is clearly targeting Airbnb rentals that don’t fall under the definition of a permanent resident. Using price and listing information from early June, AAF has calculated that nearly $500 million in gross revenue could be lost in New York City in a year if hosts are not allowed to list on Airbnb.

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