The comptroller’s report shed light on the clash of the so-called sharing economy with city neighborhoods struggling to preserve their stock of affordable housing and rein in skyrocketing rents, though the report also found that the online rental site had a negligible effect on most neighborhoods outside of Manhattan and Brooklyn, where listings are sparse. The report said that Airbnb’s influence cost New Yorkers $616 million in additional rent in 2016 as a result of price pressures.Īirbnb has more than 50,000 apartment listings in New York City, the company’s largest market in the United States. Fewer apartments to rent means higher prices, and that’s the Airbnb effect.” “For years, New Yorkers have felt the burden of rents that go nowhere but up, and Airbnb is one reason why,” the city comptroller, Scott M. In Greenpoint and Williamsburg in Brooklyn, the study said, rents went up 18.6 percent in those years because of Airbnb listings.Īirbnb makes it easy to rent apartments to tourists, taking units off the market for full-time residents, the report said. In Manhattan’s Hell’s Kitchen and Chelsea neighborhoods and the Midtown Business District, which accounted for about 11 percent of all Airbnb listings in New York City in 2016, average monthly rents increased by $398 between 20, of which $86, or 21.6 percent, was a result of Airbnb’s presence, the report said. Airbnb’s growing influence caused rents to increase significantly in tourist areas and gentrifying neighborhoods in Manhattan and Brooklyn, where the majority of the company’s rentals are concentrated, according to a report released on Thursday by the city comptroller’s office.
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