New York implemented legislation to limit short-term home rentals like Airbnb. Renters must register with the Office of Special Enforcement (OSE) to obtain a license. The law aims to curb illegal rentals and increase rent prices.
New York City is a populated city and a popular tourist destination, garnering $85.5 billion in visitor spending in 2021. Short-term rental is a more viable option for visitors to avoid breaking the bank. Officials argue that short-term listings prevent locals from finding affordable long-term housing.
Only time will tell how this legislation will affect rent and tourism in the area—if they have any effect at all.
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