Airbnb Inc. shared on Tuesday in a press release the latest updates on the progress of New York City's "unprecedented short-term rental regulation," Local Law 18 (LL18), criticizing its impacts.
"It's time for New York City to re-evaluate LL18 and consider amendments that would at a minimum, allow homeowners to once again host guests. By rolling back parts of the law, the city can increase the supply of accommodations for consumers, support resident hosts, and revitalize local businesses that depend on tourism dollars," Airbnb Global Policy Director Theo Yedinsky commented, adding that the changes would support sustainability, bringing benefits to not only residents and visitors but the "broader community."
Laying out data from various sources, the company said that the law didn't manage to tackle the housing crisis and instead led to both consumers and residents suffering from "all-time high prices."
