New York City has intensified its efforts to combat the housing crisis by imposing stricter regulations on short-term tourist rentals, and the global impact of these measures is being closely

observed by city councils worldwide.

In response to the severe housing crisis plaguing the city, New York has taken a decisive stance against Airbnb, which has been accused of exacerbating the issue. While stringent regulations were already in place, City Hall had not previously equipped itself with the necessary tools for effective enforcement. However, this has now changed. Landlords are no longer permitted to rent out entire apartments for stays of less than 30 days, must be physically present on the property during their guests' occupancy, and are limited to accommodating a maximum of two individuals.

Since September 5, a new law mandates that hosts must register with the city if they intend to rent their property for less than a month. Moreover, platforms such as Airbnb, Booking.com, and VRBO are obligated to verify the validity of these registration numbers and provide the city with monthly data concerning stays and landlord activities.

Non-compliance with these regulations carries substantial penalties, including fines of up to $5,000 for repeat offenders, and platforms may face fines of $1,500 per unlawful transaction. These measures have yielded significant results: According to the Inside Airbnb website, which monitors the global activities of the San Francisco-based platform and advocates for increased regulation, the number of short-term listings on Airbnb plummeted from 22,400 to 6,800 between August and early September, representing a 70% decrease. Photo by Open Grid Scheduler / Scalable Grid Engine, Wikimedia commons.