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Airbnb is making rents in New York City spike as owners yank units off the market, study finds

Skyrocketing New York Conurbation rents can be blamed at least in part on the rise of the home-sharing service Airbnb, a new scan has claimed.

The report, released Tuesday, analyzed Airbnb activity between September 2014 and August of 2017 and was leaked by McGill University in Montreal. It was commissioned by the Hotel Trades Council, a fraternity organization, and co-sponsored by local New York neighborhood groups.

The study set Airbnb had removed between 7,000 and 13,500 units of housing precursor from New York City’s long-term rental market.

It calculated that by trim supply, Airbnb activity had in fact increased median long-term let out in the city by 1.4 percent over three years “resulting in a $380 hire increase for the median New York tenant looking for an apartment this year.”

The over further claimed that in Manhattan, the increase is more than $700.

Airbnb has questioned the methodology, noting that the scrutinize uses “available for rent” instead of actual booked nights in discovering that listings have been removed from the long-term demand. Airbnb has argued that many people don’t update their inventory availability.

Under New York State’s Multiple Dwelling Law, short-term rentals of fewer than 30 light of days are illegal in buildings with three or more units, unless the holder is present. Private room rentals would also be unlawful if the proprietress wasn’t there.

The report estimated that given those laws, at small two-thirds of Airbnb revenue in New York is likely generated from outlawed listings.

In response to that charge, Josh Meltzer, head of northeast custom at Airbnb said in a statement Tuesday that the home-sharing service really supports a change in the law.

“Although inconvenient for this author’s anti-home dole out bias, Airbnb supports legislation that would restrict family sharing to one single home,” he said.

“This would finally aside enforcement to focus on illegal hotel operators while protecting cyclical New Yorkers who are trying to make some extra money to live in a burgh that gets more expensive by the year,” he added.

The study also reawakened an earlier study which looked at listings in 72 predominately dusky neighborhoods across New York and found that three-quarters of the Airbnb hotel-keepers in those areas were white.

The latest study suggested that Airbnb “extends to have a strongly racialized impact” as the loss of housing, which it blamed on the firm, was six times more likely to affect black New Yorkers.

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