https://datastream.substack.com/p/what-did-banning-airbnbs-in-nyc-accomplish
Ban from 2023 dropped NYC listings from nearly 13k to round 1.6k at present. Promised to return residences to long run rental market and ease rents.
Three years later rents in NYC up 11%. Inns costliest on document. Evaluation finds ban gave again solely months of regular housing building provide.
Occasion research reveals no notable impact on rents. Finest estimate saved typical renter about $52 a 12 months however confidence interval contains zero and even larger rents.
Ban hit tougher on decrease earnings non white hosts particularly in Southeast Queens. Misplaced listings value nearly six months median earnings there versus two months in wealthy areas.
Many listings transformed to 30 day minimums or left platform. Some hosts misplaced aspect earnings. Tourism and World Cup guests now despatched to New Jersey.
