the staff of the Ridgewood blog
New York NY, New York City is experiencing its first Christmas season without Airbnb, and the cost of accommodations is on the rise. In September, the city implemented a stringent short-term rental policy that essentially excluded Airbnb, providing benefits to renters but limiting choices for tourists. Expedia Group reports a 25% year-over-year increase in hotel searches this month, with average nightly rates reaching $477, compared to last year’s still-high $416.
The impact of Local Law 18, which came into effect in September, is evident in the drastic decline of short-term rentals. Between August and October, the number of such rentals plummeted by 85%, as reported by Inside Airbnb, an activist group monitoring the platform’s data. Authorities affirm the effectiveness of the law in achieving its objectives.
While hotel prices in New York City have indeed risen, attributing the entire increase to Local Law 18 is challenging. According to Trivago statistics, the average room rate in the city reached $502 this month, marking a 2% increase from the previous month and an almost 8% rise from the same period last year.
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The largest decline in available hotel space is the hordes entering our southern border and making their way to your community.