A new law threatens to demolish an $85 million market for the home-sharing behemoth—but the Big Apple is just a small piece of its pie.
ast week, Airbnb filed a lawsuit against New York City over a new law that the company is calling a “de facto ban” against short-term rentals that threatens $85 million in annual revenue for the home-sharing platform.
For now, it appears that Airbnb is on the brink of a near-shutdown in New York City, where there are currently 20,000 apartments and homes listed on its site. As of a month ago, the city had approved only nine registrations for short-term rentals, a number that makes up less than 0.04% of active listings that have been booked at least once since the beginning of the year.
“We would prefer to have one framework across a whole state instead of having 10 different battles across a state with a patchwork of regulations,” says Scarci, whose focus is advocating for his organization’s members and liaising with city and state governments. “We’re all for reasonable regulation. I think we’re very realistic and open-eyed about it,” he says, adding that the industry is eager to work with officials to come up with appropriate rules.
“[Airbnb has] been dealing with these same issues since the founding of the company, more or less,” says Wasiolek. “And I have the sense that, in general, the concerns about regulation are not as elevated today as a few years before the pandemic outbreak.” Through compromise and negotiation, Airbnb’s policy wonks have managed to work through issues with municipalities across the world, typically on an individual city-by-city basis.
For years, New York City has been ratcheting up short-term rental restrictions. In 2018, Airbnb sued the city after it attempted to force short-term-rental platforms to share more data about hosts. That lawsuit ultimately resulted in a June 2020 settlement, withBut that was then and this is now. With New York City Mayor Eric Adams, “there’s a new sheriff in town,” says Wasiolek. “Airbnb probably thought they had the issue settled in New York.
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