What to Know About the New AirBnB Policy Affecting NYC Hosts

AirBnB provided a home away from home, unique listings and hosts and above all, a cheap alternative for renting a space on a short-term basis which undeniably stole the spotlight from most expensive hotels. Since 2008, the online marketplace for listing and renting local homes has set the trend all across the globe and made accommodations vastly more convenient for travelers on a budget. However, with something as alluring as AirBnBs, there was certain to be a catch.

Research from Harvard University, among others, has demonstrated that AirBnB listings have increased rents in places like New York City due to the extremely limited housing supply. NYC is now taking action to reel in unregistered and illegal listings.

What Does the New Policy Require from AirBnB Hosts?

Under the new rules of Mayor Adams’ administration, AirBnB is likely to lose more than 10,000 listings. The Mayor’s office will require short-term rental hosts to register with the city and forbid booking services from unregistered listings. This new system will require AirBnB hosts to register their short-term rentals with the city’s database. This could force over 10,000 listings to either shut down or come into compliance with the new rules.

The new law also requires hosts to provide lots of information about the owner, including their identity, address and full names of everyone in the household. Additionally, a diagram of the property will be necessary to show where the emergency exits are located. Penalties will follow for non-abiding hosts; however, it will not be assessed until May 9th of 2023.

Some New Yorkers have appealed against this new law, as hosting through AirBnB has allowed them to increase their income and ultimately stay in New York in some instances. Other New Yorkers have praised the law, saying that it will benefit households struggling to find rentals in NYC.

Is Your AirBnB Listing Compliant?

If you’re an AirBnB host and you’re not sure how the new laws will affect you, don’t risk the penalties. Instead, turn to a trusted landlord-tenant attorney who can help you navigate the changes and remain compliant. Ready to learn more? Contact Outerbridge Law, P.C. today to schedule an initial consultation.