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
Market Data | May 6, 2022
Nonresidential construction spending down 1% in March
National nonresidential construction spending was down 0.8% in March, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.
Market Data | Apr 29, 2022
Global forces push construction prices higher
Consigli’s latest forecast predicts high single-digit increases for this year.
Market Data | Apr 29, 2022
U.S. economy contracts, investment in structures down, says ABC
The U.S. economy contracted at a 1.4% annualized rate during the first quarter of 2022.
Market Data | Apr 20, 2022
Pace of demand for design services rapidly accelerates
Demand for design services in March expanded sharply from February according to a new report today from The American Institute of Architects (AIA).
Market Data | Apr 14, 2022
FMI 2022 construction spending forecast: 7% growth despite economic turmoil
Growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays, and economic turmoil caused by international events such as the Russia-Ukraine war.
Industrial Facilities | Apr 14, 2022
JLL's take on the race for industrial space
In the previous decade, the inventory of industrial space couldn’t keep up with demand that was driven by the dual surges of the coronavirus and online shopping. Vacancies declined and rents rose. JLL has just published a research report on this sector called “The Race for Industrial Space.” Mehtab Randhawa, JLL’s Americas Head of Industrial Research, shares the highlights of a new report on the industrial sector's growth.
Codes and Standards | Apr 4, 2022
Construction of industrial space continues robust growth
Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment
Reconstruction & Renovation | Mar 28, 2022
Is your firm a reconstruction sector giant?
Is your firm active in the U.S. building reconstruction, renovation, historic preservation, and adaptive reuse markets? We invite you to participate in BD+C's inaugural Reconstruction Market Research Report.
Industry Research | Mar 28, 2022
ABC Construction Backlog Indicator unchanged in February
Associated Builders and Contractors reported today that its Construction Backlog Indicator remained unchanged at 8.0 months in February, according to an ABC member survey conducted Feb. 21 to March 8.
Industry Research | Mar 23, 2022
Architecture Billings Index (ABI) shows the demand for design service continues to grow
Demand for design services in February grew slightly since January, according to a new report today from The American Institute of Architects (AIA).
