Airbnb Rentals Continue to Depress Affordable Housing Stock in NYC

A new report analyzing Airbnb activity in New York City in the last three years by the School of Urban Planning at McGill University shows that short-term rentals continue to have a negative impact on affordable housing in the City.  It found that two-thirds of Airbnb revenue comes from illegal listings–$435 million and 45% of all New York Airbnb reservations last year were illegal. Airbnb has removed between 7,000 and 13,500 units of housing from New York City’s long-term rental market, and by reducing housing supply, Airbnb has increased the median long-term rent in New York City by 1.4% over the last three years, resulting in a $380 rent increase for the median New York tenant looking for an apartment this year. The report also found that 72% of the population in neighborhoods at highest risk of Airbnb-induced gentrification in New York is non-white, and that the loss of housing due to Airbnb is six times more likely to affect Black residents. The report was commissioned by the Hotel Trades Council and is cosponsored by a number of New York City community and advocacy organizations, including Mobilization for Justice.