A study by two housing advocacy groups alleges that Airbnb is worsening New York City’s tight housing supply, and is likely causing thousands of units to be pulled from the market.
Housing Conservation Coordinators and MFY Legal Service, which conducted the study, identified 8,000 Airbnb listings that advertised so frequently that they were likely illegally converted into hotel rooms. This situation has caused rents to rise in the city, the study contends.
More than half of the units on Airbnb were being offered for rent by owners who had multiple units up for rent. This is a sign that they were being run by de-facto illegal hotel operators, the report says. Airbnb disputed the study’s findings, saying that its methodology was flawed and accused it of being funded by the hotel industry.
Cities across the country have been challenged to apply existing codes and regulations to the growth of the site that matches property owners with travelers looking for short-term rental accommodations.
Related Stories
Multifamily Housing | Jan 11, 2017
Istanbul’s Valens Archway could be rejuvenated with “floating” housing concept
Superspace’s proposal would create a natural promenade atop the ancient stone structure.
University Buildings | Jan 9, 2017
Massive student housing project in Texas will be ready this Fall
Developers hope the early opening of some units sets the tone for the community and future rentals.
Multifamily Housing | Dec 22, 2016
Multifamily green financing programs grew rapidly in 2016
Multifamily green financing programs boomed in 2016, and are likely to continue to grow in 2017, according to the president of Partner Energy.
Market Data | Dec 21, 2016
Will housing adjust to an aging population?
New Joint Center report projects 66% increase in senior heads of households by 2035.
Multifamily Housing | Dec 15, 2016
Multifamily tower in St. Louis uses stacked design to make every apartment a corner unit
Designed by Studio Gang, the building’s stacked tiers will each comprise four floors and fan outwards as they rise up.
Multifamily Housing | Dec 12, 2016
BIG’s first residential condominium in the U.S. completed in Miami
Two 20-story twisting towers comprise 98 units on a three-acre site near Biscayne Bay.
Multifamily Housing | Dec 1, 2016
One of Canada’s largest media companies dives into real estate development
Rogers moves forward on M City, a multi-building, multi-year project in a Toronto suburb.
Multifamily Housing | Nov 28, 2016
Axiometrics predicts apartment deliveries will peak by mid 2017
New York is projected to lead the nation next year, thanks to construction delays in 2016
Sponsored | Multifamily Housing | Nov 11, 2016
Value engineering brings Santa Barbara apartments back on track
When framing estimates for a new apartment complex in Rialto, California, came in too high, a savvy developer decided to have the project value engineered. A switch to glulam and wood-framed shear walls got the project back in the black.
Adaptive Reuse | Nov 9, 2016
Middle school transformed into affordable housing for seniors
The project received $3.8 million in public financing in exchange for constructing units for residents earning less than 60 percent of the area’s median income.
