Airbnb may generate $1B in NYC economic activity this year, despite legal questions

State senator sponsors bill to revise 2011 short-term rental law

New York /
May.May 13, 2013 11:30 AM

Airbnb, a website that offers apartment rentals by the night, could produce $1 billion in New York City’s economic activity this year, according to figures acquired by Crain’s. That’s despite the city’s recent efforts to enforce a 2011 state law prohibiting short-term rentals.

About 87 percent of the site’s listings are for apartments in Manhattan neighborhoods outside of the hotel-heavy stretch from 14th to 59th streets, the newspaper said.

Meanwhile, Airbnb and at least one state lawmaker are pushing for changes to the law, which made it illegal for residents to rent an apartment for less than 29 days. Airbnb has enlisted lobbyists to make its case, as previously reported, while State Senator Martin Golden has sponsored a bill to revise the law.

His plan would create an exemption for a “specific class of good actors” that provide tax revenue and tourism funds to the state and city. Potential short-term landlords would pay the Department of Buildings $200 per apartment to register it as a short-term rental unit, Crain’s said.

State Senator Liz Krueger, who sponsored the original bill, opposed the proposed revision. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
From left: Mayor Bill de Blasio, 54 West 39th Street, 62 Grand Street, and 208 West 30th Street (Credit: Google Maps)
The Airbnb crackdown continues: City targets three more buildings
The Airbnb crackdown continues: City targets three more buildings
Mayor Bill de Blasio and Stanley “Skip” Karol, an Airbnb host (Credit: Getty Images and Youtube)
Airbnb host narrowly clears hurdle in First Amendment claim against city
Airbnb host narrowly clears hurdle in First Amendment claim against city
A West Village Airbnb listing (Credit: Airbnb)
Airbnb Luxe launched without listings in one of their biggest potential markets — why?
Airbnb Luxe launched without listings in one of their biggest potential markets — why?
A photo illustration of Daniel Brodsky and 75 West End Avenue (Getty Images, Google Maps)
Brodsky brings challenge to NYC Airbnb law
Brodsky brings challenge to NYC Airbnb law
(Illustration by The Real Deal with Getty)
How illegal Airbnbs slip through the cracks
How illegal Airbnbs slip through the cracks
DOB NOW (NYC DOB, Getty)
Buildings Department audits plunge as agency closes loophole
Buildings Department audits plunge as agency closes loophole
A photo illustration of The Olivia at 315 West 33rd Street (Brookfield Properties, Getty Images)
Brookfield sues Midtown tenants over illegal Airbnb scheme
Brookfield sues Midtown tenants over illegal Airbnb scheme
The exterior of the home with Marlon Brando as Don Corleone (AirBnb, Illustration by The Real Deal with Getty)
Live like a don: “Godfather” mansion touted on Airbnb
Live like a don: “Godfather” mansion touted on Airbnb
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...