Anti-free trade New York City has passes law banning short-term holiday apartment rentals

NEW YORK CITY has passed a law banning short-term holiday apartment rentals of less than 30 days. The law, which will come into effect on May 1 next year, will virtually destroy the booming internet trade in apartment rentals for tourists.

In a city where the average hotel room is $US232 ($260) a night and the cost of living is one of the highest in the world, it's not surprising that the practice of New Yorkers renting their vacant apartments to tourists has been embraced. A quick perusal of the internet reveals that a stylish two-bedroom duplex within walking distance of the Empire State Building can be rented for $US125 a night.

An exact number of the properties on the market is not available but it runs to thousands. Airbnb.com, one of the most successful apartment rental sites, has more than 3000 privately owned apartments on its books. And there are scores of pages, each with 100 properties, on the popular website, craigslist.org.

The New York mayor, Michael Bloomberg, who supported the bill's passage, is specific in his opposition to sublets. "When housing designated for permanent occupancy is illegally converted into a hotel, unsafe conditions are created, the residential character of city neighbourhoods is harmed and the supply of much-needed units of housing is depleted," he says.

The founder and chief executive of TripAdvisor, Stephen Kaufer, argues in a letter to the lobby group, Protect Vacation Rentals, that holiday rental properties work for both residents tourists.

"For a significant and growing number of tourists who vacation in New York each year, vacation rental properties offer acost-effective way to visit the city,"Kaufer says.

"As the nation strives to overcome the worst economic downturn in decades, families need to make every dollar count and not everyone who wishes to enjoy New York's attractions can afford some of the more expensive accommodation options."

Kaufer says more than 90 per cent of travellers who post on TripAdvisor report positive experiences when subletting a holiday apartment.

According to the Guardian, Parisian authorities initiated a similar measure last year and it is now illegal to rent out a residential apartment in Paris for less than a year. However, so far, only one case has made it to court. What has happened, though, is that the pool of available properties has shrunk.

LNK

Anti-free trade New York City has passes law banning short-term holiday apartment rentals

Anti-free trade New York City has passes law banning short-term holiday apartment rentals

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