{"id":175066,"date":"2024-07-08T13:41:01","date_gmt":"2024-07-08T19:41:01","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=175066"},"modified":"2024-08-04T21:36:24","modified_gmt":"2024-08-05T03:36:24","slug":"short-term-rental-bans-in-new-york-only-made-hotels-more-expensive","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/short-term-rental-bans-in-new-york-only-made-hotels-more-expensive","title":{"rendered":"Airbnb Bans Only Make Tourism More Expensive. Just Ask New York."},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC2454854507\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">A lot has changed since <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=New%20York-Newark-Jersey%20City%2C%20NY-NJ\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York City<\/span><\/a><span data-preserver-spaces=\"true\"> began strictly enforcing <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nyc.gov\/site\/specialenforcement\/registration-law\/registration.page\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Local Law 18<\/span><\/a><span data-preserver-spaces=\"true\">, which effectively banned <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/the-ultimate-guide-to-short-term-rental-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">short-term rentals<\/span><\/a> <span data-preserver-spaces=\"true\">in the city<\/span><span data-preserver-spaces=\"true\">. But it\u2019s unclear whether improved housing affordability, the goal of the crackdown, is one of those changes.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">An <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.airbnb.com\/four-months-later-an-update-on-new-york-citys-short-term-rental-rules\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Airbnb analysis<\/span><\/a><span data-preserver-spaces=\"true\"> released in January found no evidence that the new rules had impacted rent prices or rental inventory, even amid new construction completions<\/span><span data-preserver-spaces=\"true\">, and the<\/span><span data-preserver-spaces=\"true\"> city hasn\u2019t reported any changes in housing affordability metrics attributable to the law.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">New York City has, however, seen a rapid <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increase in hotel rates<\/span><\/a><span data-preserver-spaces=\"true\"> and a growing <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theguardian.com\/us-news\/2024\/apr\/25\/new-york-airbnb-short-term-rentals-sublets\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">black market<\/span><\/a><span data-preserver-spaces=\"true\"> for illegal short-term rental units since the number of short-term rental listings began sharply declining last fall. New Jersey short-term rental hosts have also benefited from the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wired.com\/story\/6-months-after-new-york-banned-airbnb-new-jersey\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">surge in demand<\/span><\/a><span data-preserver-spaces=\"true\"> for legal rentals with easy access to New York.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s now more expensive and less convenient to find lodging as a tourist visiting the Big Apple, but <\/span><span data-preserver-spaces=\"true\">it\u2019s no less <\/span><span data-preserver-spaces=\"true\">expensive<\/span><span data-preserver-spaces=\"true\"> to live there<\/span><span data-preserver-spaces=\"true\">.<\/span> <span data-preserver-spaces=\"true\">In fact,<\/span><span data-preserver-spaces=\"true\"> some former short-term rental hosts who relied on the revenue to offset their housing costs are finding it even more <\/span><span data-preserver-spaces=\"true\">difficult<\/span><span data-preserver-spaces=\"true\"> to make ends meet.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The effects of the new rules may be delayed<\/span><span data-preserver-spaces=\"true\">, and it may be <\/span><span data-preserver-spaces=\"true\">difficult<\/span><span data-preserver-spaces=\"true\"> to measure the impact of Local Law 18 amid the city\u2019s <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cityandstateny.com\/policy\/2024\/05\/how-new-york-addressing-its-affordable-housing-crisis\/396461\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">other efforts<\/span><\/a><span data-preserver-spaces=\"true\"> to improve housing affordability and the slew of <\/span><span data-preserver-spaces=\"true\">other<\/span><span data-preserver-spaces=\"true\"> factors that impact rent prices. <\/span><span data-preserver-spaces=\"true\">But it\u2019s worth questioning whether the law was<\/span><span data-preserver-spaces=\"true\"> a <\/span><span data-preserver-spaces=\"true\">worthwhile <\/span><span data-preserver-spaces=\"true\">endeavor<\/span><span data-preserver-spaces=\"true\">, especially as other cities look to NYC as a blueprint when considering tighter regulation of the short-term rental market.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Reasoning Behind Local Law 18<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Rent increases are outpacing wage growth in most cities, but the gap is <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/streeteasy.com\/blog\/rents-grow-faster-than-wages-across-us-nyc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">particularly wide<\/span><\/a><span data-preserver-spaces=\"true\"> in New York City, where the supply of rental properties is tighter than it\u2019s been in 50 years. A recent <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nyc.gov\/assets\/hpd\/downloads\/pdfs\/about\/2023-nychvs-selected-initial-findings.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\"> from the city puts the home vacancy rate at just 1.4%.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Apartments in Manhattan rented for an average of $4,771 last month<\/span><span data-preserver-spaces=\"true\">, according to data from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/city\/35948\/NY\/Manhattan\/rental-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Redfin<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> Naturally, city officials have been motivated to solve the problem for residents, who can only afford about <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.crainsnewyork.com\/real-estate\/5-percent-nyc-apartments-affordable-average-salary-report\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">5%<\/span><\/a><span data-preserver-spaces=\"true\"> of New York City apartments on an average salary.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Rentals of less than 30 days in <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/finding-multifamily-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">multifamily<\/span><\/a><span data-preserver-spaces=\"true\"> buildings have been illegal in many New York cities since 2011 when the state legislature amended the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nyc.gov\/assets\/buildings\/pdf\/MultipleDwellingLaw.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Multiple Dwelling Law<\/span><\/a><span data-preserver-spaces=\"true\">. The law included an exception that allowed New Yorkers to rent out a room within their primary residence for fewer than 30 days, as long as the host was present and the guest had access to the entire apartment. <\/span><span data-preserver-spaces=\"true\">But the rules <\/span><span data-preserver-spaces=\"true\">were difficult<\/span><span data-preserver-spaces=\"true\"> to enforce.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">By 2015, there were more than 43,000 Airbnb listings in the city, and officials worried that the growth in short-term rental activity was exacerbating the shortage of affordable housing by removing units from the long-term rental market. <\/span><span data-preserver-spaces=\"true\">The New York City Comptroller produced a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/comptroller.nyc.gov\/wp-content\/uploads\/documents\/AirBnB_050318.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\"> in 2018 that estimated, based on a regression analysis, that 9.2% of the total rent price increase in the city between 2009 and 2016 was due to <\/span><span data-preserver-spaces=\"true\">the impact of Airbnb<\/span><span data-preserver-spaces=\"true\">, leaving renters to pay an additional $616 million in rent in 2016.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The findings <\/span><span data-preserver-spaces=\"true\">were based<\/span><span data-preserver-spaces=\"true\"> on publicly available data from AirDNA, a short-term rental data analytics company. However, a spokesperson for AirDNA <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2018\/05\/04\/nyregion\/airbnb-new-york-report-errors.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\"> in 2018 that the report drew \u201cflawed conclusions\u201d based on errors in interpreting the data.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For example, the analysis was based on the total number of listings in each neighborhood, even though many <\/span><span data-preserver-spaces=\"true\">of those listings<\/span><span data-preserver-spaces=\"true\"> were inactive. <\/span><span data-preserver-spaces=\"true\">It also <\/span><span data-preserver-spaces=\"true\">made no distinction<\/span><span data-preserver-spaces=\"true\"> between listings for private rooms and <\/span><span data-preserver-spaces=\"true\">listings for<\/span><span data-preserver-spaces=\"true\"> entire residences.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If an NYC resident rents out their condo for one weekend per year while they\u2019re away or rents out their spare room for extra cash, that has no impact on supply in the residential housing market. That unit was never going to be a long-term rental anyway, which the analysis failed to account for. Nevertheless, city officials used the report to justify new rules for <\/span><span data-preserver-spaces=\"true\">enforcement of<\/span><span data-preserver-spaces=\"true\"> short-term rental policy.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">To increase compliance with the long-standing restrictions, lawmakers passed Local Law 18, which went into effect in fall 2023. Officials estimated <\/span><span data-preserver-spaces=\"true\">that there<\/span><span data-preserver-spaces=\"true\"> were <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2023\/09\/05\/nyregion\/airbnb-regulations-nyc-housing.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">more than 10,000<\/span><\/a><span data-preserver-spaces=\"true\"> illegal listings before the measure <\/span><span data-preserver-spaces=\"true\">was enacted<\/span><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Local Law 18 required short-term rental hosts to apply for registration <\/span><span data-preserver-spaces=\"true\">in order <\/span><span data-preserver-spaces=\"true\">to<\/span><span data-preserver-spaces=\"true\"> legally list their property on a booking site<\/span><span data-preserver-spaces=\"true\"> and allowed short-term rental platforms like Airbnb to collect fees only after checking that the registration was approved. The law also imposed steep fines for offenders. As of June 24, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the city has only approved 2,276 of the 6,395 applications<\/span><\/a><span data-preserver-spaces=\"true\"> for short-term rental registrations.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It <\/span><span data-preserver-spaces=\"true\">appears that it<\/span><span data-preserver-spaces=\"true\"> was erroneous to assume that strict enforcement of the near-ban on short-term rentals would lead existing hosts to become long-term rental landlords. At least, that hasn\u2019t been the initial outcome. The number of short-term rental listings did fall from 22,246 to a low of just 2,646 in October 2023 after the law went into effect.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But many hosts converted their short-term rentals to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-invest-in-medium-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">medium-term rentals<\/span><\/a><span data-preserver-spaces=\"true\"> for <\/span><span data-preserver-spaces=\"true\">stays of<\/span><span data-preserver-spaces=\"true\"> longer than 30 days, hoping to continue collecting revenue from guests seeking temporary furnished apartments. <\/span><span data-preserver-spaces=\"true\">The <\/span><span data-preserver-spaces=\"true\">total<\/span><span data-preserver-spaces=\"true\"> number of Airbnb listings <\/span><span data-preserver-spaces=\"true\">only<\/span><span data-preserver-spaces=\"true\"> dropped 14% since the rules went into effect.<\/span> <a class=\"editor-rtfLink\" href=\"https:\/\/www.wired.com\/story\/6-months-after-new-york-banned-airbnb-new-jersey\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">About 95%<\/span><\/a> <span data-preserver-spaces=\"true\">of the members<\/span><span data-preserver-spaces=\"true\"> of the New York Homeowners Alliance have indicated they don\u2019t plan to rent their units to long-term tenants.<\/span><span data-preserver-spaces=\"true\"> Many chose the STR model to avoid the issues that come with a tenant lease agreement\u2014<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/new-york-housing-bill-causes-uproar-from-both-sides\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">evicting<\/span><\/a><span data-preserver-spaces=\"true\"> a long-term tenant from a New York apartment is notoriously <\/span><span data-preserver-spaces=\"true\">difficult<\/span><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">There is compelling <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/airbnb-ban-makes-rents-housing-prices-drop-irvine-california-study-2023-11\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">evidence<\/span><\/a><span data-preserver-spaces=\"true\"> from Irvine, California, that a city ban on short-term rentals can decrease rent prices<\/span><span data-preserver-spaces=\"true\">, which<\/span><span data-preserver-spaces=\"true\"> means the full effects of Local Law 18 may not yet be apparent. But so far, the <\/span><span data-preserver-spaces=\"true\">most pronounced impact of the law has been to increase<\/span><span data-preserver-spaces=\"true\"> hotel prices, leading people to find other avenues of accessing short-term rentals when visiting New York City.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Fallout of a Diminished Short-Term Rental Market<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Local Law 18 has been a boon for the NYC hotel industry, with occupancy rates hitting 82% last year, well above the national average of 63%. Nightly rates have risen 8.5% since 2022, reaching a record high average of over $300 per night. Families traveling to NYC often require two rooms or a more expensive suite, leaving the tourist destination out of reach for many budget travelers, who may have opted for a well-equipped short-term rental before the ban.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Other factors are likely contributing to the surge. <\/span><span data-preserver-spaces=\"true\">The city has struggled to provide housing and services for the influx of migrants, and about <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/05\/25\/nyregion\/hotels-prices-migrants-nyc.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">one-fifth<\/span><\/a><span data-preserver-spaces=\"true\"> of <\/span><span data-preserver-spaces=\"true\">hotels in NYC<\/span><span data-preserver-spaces=\"true\"> now shelter migrants in exchange for guaranteed payments from the city.<\/span><span data-preserver-spaces=\"true\"> Many of these hotels would have provided budget or moderate-rate options for tourists.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But it\u2019s reasonable to believe that the shortage of vacation rentals <\/span><span data-preserver-spaces=\"true\">is also playing<\/span><span data-preserver-spaces=\"true\"> a role in the high prices. &#8220;It&#8217;s not surprising to me that you remove 20,000 short-term rentals, and all of a sudden, hotel rates are going up by 10%,&#8221; said Jamie Lane, chief economist at AirDNA, in an interview with <\/span><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.com\/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Business Insider<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The remaining hotels have been able to raise their rates due to high demand, even if they were already charging an arm and a leg for a room. Some would-be visitors <\/span><span data-preserver-spaces=\"true\">are so deterred<\/span><span data-preserver-spaces=\"true\"> by the high hotel prices in amenity-rich neighborhoods that <\/span><span data-preserver-spaces=\"true\">they\u2019re seeking<\/span><span data-preserver-spaces=\"true\"> accommodations in the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theguardian.com\/us-news\/2024\/apr\/25\/new-york-airbnb-short-term-rentals-sublets\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">black rental market<\/span><\/a><span data-preserver-spaces=\"true\">. People can find illegal listings on platforms like Facebook, Craigslist, and Instagram.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Those avenues present a risk for both hosts and guests, however. The protections that come with a traditional booking site, like host liability insurance, reviews that show a host\u2019s reputation, a secure way to exchange payment information, and support for disputes, are <\/span><span data-preserver-spaces=\"true\">all<\/span><span data-preserver-spaces=\"true\"> absent through unofficial channels. There\u2019s a higher risk of scams on both sides of the transaction.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But the lower prices are sometimes enough of an incentive. <\/span><span data-preserver-spaces=\"true\">The Instagram account <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.instagram.com\/bookthatsubletnyc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Book That Sublet NYC<\/span><\/a><span data-preserver-spaces=\"true\">, which<\/span><span data-preserver-spaces=\"true\"> posts new listings daily or weekly<\/span><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">has more than 5,000 followers.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Others look for vacation rentals in New Jersey, where vacation rental hosts <\/span><span data-preserver-spaces=\"true\">are benefitting<\/span><span data-preserver-spaces=\"true\"> from a spike in demand. As of February, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.northjersey.com\/story\/money\/real-estate\/2024\/03\/11\/short-term-rental-demand-rises-in-nj-after-nyc-restricts-airbnb\/72865913007\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">demand for short-term rentals in Jersey City<\/span><\/a><span data-preserver-spaces=\"true\"> had surged 84% year over year, while Weehawken and Hoboken saw a 59% and 35% increase, according to AirDNA data. Some clever hosts <\/span><span data-preserver-spaces=\"true\">are even circumventing<\/span><span data-preserver-spaces=\"true\"> the rules by listing NYC apartments in New Jersey and privately letting guests know the actual location. Other hosts are continuing business as usual and hoping they won\u2019t get caught with an illegal NYC rental\u2014many homeowners depend on the revenue from their rentals to afford life in New York.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">More than nine months into NYC\u2019s near-ban on short-term rentals, there hasn\u2019t been a discernible impact on the supply or price of rental homes. Local Law 18 could take time to influence housing affordability in the city, but the tourist accommodation landscape in and around NYC has already gone through significant changes.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/crackdown-on-short-term-rentals-get-tougher\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">more cities<\/span><\/a><span data-preserver-spaces=\"true\"> consider enacting stricter regulations on short-term rentals in an effort to combat the affordable housing crisis, New York City may serve as a guide for other local governments, and rent price changes over the next year could be telling. Given the impact these policies can have on an investor\u2019s livelihood, research into local laws has become even more important, and anyone investing in a vacation rental should be ready to pivot if a policy change occurs.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_53ebd675968374b0e86002555a828ede\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_be15165102a1e8c253dd6480f8f83f86\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_54b233502eb6731d26ec06c21566f4b9 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/short-term-rental-bans-in-new-york-only-made-hotels-more-expensive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/short-term-rental-bans-in-new-york-only-made-hotels-more-expensive&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>New data from New York City shows that short-term rental bans haven&#8217;t moved the needle on housing at all.<\/p>\n","protected":false},"author":613615,"featured_media":175063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7271,7119],"tags":[],"class_list":["post-175066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-short-term-rentals","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/175066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=175066"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/175066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/175063"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=175066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=175066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=175066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}