New York Living Getting Cheaper

Ashley Rodriguez reports on the changing prices and living conditions within the Big Apple.

Image Credit: Larsen & Talbert

Officially known as “Local Law 18,” New York City has placed limitations on short-term rental properties. This law has caused a direct fall in platforms like Airbnb, and it has forced landlords to sell properties that are no longer profitable. This new law aims to limit the housing shortage crisis in New York, making housing slightly more affordable for New Yorkers.

The “Short Term Rental Registration Law” is cracking down on landlords who own hundreds of properties that consistently remain vacant during short-term rental transitions. Class A dwellings are responsible for some of the most vacant communities. Class A dwellings are often used as vacation homes or short-term rentals because of their quality.

 What many people failed to consider is that with mortgage interest rates being at an average of 7.75%, many homeowners have chosen to rent out sections of their home to help contribute to payments. New Yorkers report that they now have to register their homes as rentals in the mayor’s office. Failure to register properties results in fines of 250-500 dollars for each property. The law has become controversial because it indirectly targets people with roommates, especially ones not on the lease or on the home loan.

According to “Inside AirBnB” there are over 40,000 properties for rent within New York, which accounted for 85 million dollars in profit during 2022. Many people argue that the law will do more harm than good because it damages the economy that is based on tourism. Local business owners within the city worry that tourists will be deterred from coming to the city because of the now limited temporary housing options.