Insight
New York's Local Law 18, effective September 2023, resulted in an 83% decrease in Airbnb listings for stays under 30 days within a year (from 21,900 to 3,700).
The Short-Term Rental Model for Shrinking Places
Summary
The STR debate traditionally focuses on housing scarcity. However, a new narrative is emerging for shrinking cities with too many homes and too few residents, shifting regulatory focus. New York's LL18 saw an 83% Airbnb listing drop, while Barcelona's regulations aim to curb rent increases driven by STRs.
Key takeaway