December 20, 2022
Airbnb recently published an article where Professor of Markets, Public Policy, and Law, Michael Salinger discusses his recent study which revealed new regulations that may negatively impact tourism in New York City.
New York City’s proposed short-term rental regulations, according to Salinger and Charles River Associates, could harm the economy and target companies that do not contribute to the issues surrounding housing affordability or availability. The report found that short-term rentals promote tourism outside of traditional tourism districts, and that preventing them would harm the outer boroughs, since most of tourism’s economic benefits are associated with non-lodging activity, spending at museums, theaters, restaurants, retailers, and taxis. In his analysis, Salinger concluded that these rules will have drastic consequences for New York City’s economy.