A year after New York City started cracking down on illegal short-term apartment rentals, the number of Airbnb listings in the five boroughs has dropped significantly. According to a review of listings on the vacation rental giant’s website, there are now fewer than 2,000 apartments available, down from over 12,000 last August. This decrease is especially noticeable in Brooklyn’s Bedford-Stuyvesant neighborhood, where the number of short-term rentals has decreased from nearly 1,000 to just 112.
The crackdown on short-term rentals has led many homeowners to switch to longer-term leases, with the goal of freeing up housing for residents. One such homeowner is Frankie Scott, who decided to rent her apartment to a young couple on a long-term basis after years of hosting tourists on Airbnb. While she was initially hesitant, the decision has paid off and is providing her with a valuable source of income to supplement her pension.
However, some residents, like Scott’s cousin, are struggling to replace the income lost from short-term rentals and are not yet renting out their units on yearlong leases. The new regulations implemented by Local Law 18 aim to protect the city’s housing stock and ensure the safety of residents by prohibiting short-term rentals without proper registration.
While the crackdown has been effective in reducing short-term rentals, Airbnb officials and opponents of the stricter enforcement believe that the laws have had minimal impact on bringing apartments back to the rental market. The shortage of affordable housing in New York City remains a pressing issue, with less than 1% of apartments priced below $2,400 available for rent.
In Bedford-Stuyvesant, a neighborhood that has seen a surge in median rents over the years, some homeowners have transitioned from short-term rentals to long-term leases. Real estate agents and brokers in the area have noted that while the income from long-term leases may not match that of short-term rentals, it still provides a steady source of revenue for property owners.
Advocacy groups, such as Restore Homeowner Autonomy and Rights (RHOAR), are calling for changes to the regulations to allow small homeowners to rent out their units for less than 30 days. They argue that the laws have had a significant financial impact on homeowners who rely on short-term rentals for additional income.
Overall, the crackdown on short-term rentals in Bed-Stuy has led to a shift in the rental market, with more homeowners opting for long-term leases to comply with the new regulations. While the transition may mean a decrease in immediate income for property owners, it is helping to address the housing shortage in the city and provide more options for residents in need of affordable housing.