New York City just approved new regulations on short-term rentals that could greatly reduce the number of listings in Airbnb's largest domestic market.
"The New York City Council voted unanimously on Wednesday to significantly restrict Airbnb and other online home rental services, joining a growing movement of cities around the globe in stepping up regulation of the so-called sharing economy," reports Zoe Greenberg.
"The bill aims to prevent landlords and tenants from illegally renting out apartments for a few days at a time to tourists, a phenomenon that the city says has aggravated the housing crisis by making short-term rentals more profitable than long-term leases," adds Greenberg.
The article includes a lot more detail about the politics of the short-term rental business in New York City, as well acknowledging the precedents for New York's action in cities like San Francisco, New Orleans, Paris, and Barcelona.
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