New York promised its 2023 Airbnb ban would free up apartments and ease rents, but two years later rents are higher than ever, vacancies are near zero and the Big Apple’s housing crunch shows no signs of relief, according to a new report.
Lawmakers sold the law — known as Local Law 18 — as a way to kick out rowdy tourists and protect New Yorkers from losing housing stock to short-term rentals.
The first part worked: neighbors aren’t complaining about revolving-door party guests anymore. Hotels are booming too, with nightly rates in July up 7% since 2023, according to data compiled by the Wall Street Journal.
Hotel occupancy has also increased every month — outpacing 2023 levels with the exception of July, according to CoStar…