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In New York City, the “black market” for short-term rentals grows.


New York City cracked down on short-term rentals (STRs) by making new rules that greatly reduced the number of Airbnbs and other STRs. Now, owners are renting out their apartments through social media and other websites, as Kim Velsey writes in Curbed. “Airbnb changed the world, but it’s still there, even though many of the listings are gone. About 80% of the flats were taken off the platform in the first few weeks of the ban, which was meant to cut down on illegal short-term sublets.

The “ghost Airbnb market” might have some bad effects of its own. “One person on a listserve said that sending money to a stranger through Venmo requires a lot of trust. In the past, travellers could mostly hire Airbnb to help them with this.”

Additionally, Velsey says that long-term listings on Airbnb have increased by 37%. This seems to be the desired outcome of the new law, which was to bring more homes back to the city’s famously pricey long-term rental market. In May 2022, there were more Airbnb listings than homes in the city.

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