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The effect of AirBNB in New York City Housing Market has been negative, report says

The effect of AirBNB in New York City Housing Market has been negative, report says
Territorial aspects March 14, 2018

Citizens and neighborhood associations of large cities from Los Angeles to Berlin come, in recent years, questioning and wondering about the negative impact that, at first, home-sharing platform AirBNB and other similar has caused in their neighborhoods. In this sense, a recent report from the Urban Politics and Governance research group of McGill University analyzing the last three years (September 2014 – August 2017) indicates that Airbnb has had a huge negative impact on the city of New York, especially in relation to housing, trying to answer several questions of enormous complexity and measurement difficulty: How is AirBNB changing NYC? How much housing has Airbnb removed from the market in NYC? Is Airbnb driving gentrification?

Thus, among the main conclusions, this report establishes that most of the income is from likely illegal listings; that there are more than 4,000 “ghost hotels” with several rooms in a single apartment; that 10% of “main hosts” earned 48% of total income while 80% lower 32%; that Airbnb has removed between 7,000 and 13,500 units of housing conventional rent for families or precisely because of that reduction in the real estate market, has caused the increase in the cost of conventional long-term rental of 1.4% ($ 380 on average).

You can access more information about this report here.