Airbnb cost NYC renters $600M-plus: report

The company has disputed the study and questioned its methodology

TRD New York /
May.May 03, 2018 12:05 PM

The exterior of an NYC apartment building

Airbnb has cost renters in New York City $616 million.

A new report from New York City Comptroller Scott Stringer detailing the website’s effect on housing affordability from 2009 to 2016 tried to isolate Airbnb’s impact by comparing what rent growth would have been without Airbnb listings to what rent growth actually was, according to Bloomberg.

The report says that when people put up their apartments for short-term stays, they are basically removing them from the rental market, lowering the housing supply and increasing the price of units that are still available. Rents per neighborhood went up 1.58 percent for each 1 percent of residential units listed on Airbnb, with Manhattan neighborhoods such as Chelsea, Soho and Greenwich Village seeing the biggest impact.

Airbnb responded to the report by saying that most Airbnb hosts are not permanently taking their units off the market. The organization told Bloomberg that the site’s users are “once again faulted for an affordability crisis that they have no part in — and one that they themselves face every day.” [Bloomberg]Eddie Small

Related Article

Jimmy Van Bramer (Credit:, iStock)

After failing to meet his own deadline, Queens council member returns thousands in real estate donations

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

General contractors are suffering under Trump’s new tariffs on Chinese goods

Sonder CEO Francis Davidson and 20 Broad Street

Airbnb competitor Sonder says after new funding round it’s now worth $1B

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

The Real Deal picked up 9 awards from the National Association of Real Estate Editors

The Real Deal wins 9 NAREE journalism awards

Even with $155M in price cuts, this is still the most expensive home listing in LA

A West Village Airbnb listing (Credit: Airbnb)

Airbnb Luxe launched without listings in one of their biggest potential markets — why?