Airbnb Ban

New York City’s Local Law 18 crackdown on short-term rentals has resulted in $16.3 million in settlements by March-end, with notable cases like Mega Home’s $845,000 settlement. LuxUrban Hotels also faced a $1.2 million fine for illegal operations. The law, dubbed the “Airbnb ban,” aimed to regulate short-term rentals, leading to an 80% decline in listings since enforcement began. Meanwhile, hotels have thrived, with a 10% year-over-year increase in average daily rates, signaling a shift in accommodation preferences and the success of the legislation in boosting the hotel industry.