Social media is a great way to plan for and dream up future vacations; the aesthetically pleasing images and trip inspiration on platforms like Instagram allow us to get an inside look at other travelers’ holidays while sorting out exactly what we want our own trips to look like.
Airbnb Establishes Housing Council to Bolster Short-Term Rentals as Regulators Bear Down
18.01.2024 - 08:03 / skift.com / Dennis Schaal / Jay Carney
Airbnb clearly doesn’t want a repeat of New York City’s defacto ban on short-term rentals in other destinations. So it announced the Airbnb Housing Council to better balance its own interests with those of U.S. cities and other communities.
Airbnb would like to avoid “well-intentioned” yet “strict” regulations, said Jay Carney, Airbnb’s global head of policy and communications, speaking Wednesday at a U.S. Conference of Mayors meeting in Washington, D.C.
Carney said New York City’s law is “probably the most onerous regulation in the country if not the world.” He said there’s been no change in the cost of housing in New York City and that hotel prices have soared.
The Airbnb announcement said the council’s goals will be to “better balance the benefits of home sharing with the needs of communities facing housing affordability challenges” and that it will advise Airbnb on policies to help communities expand long-term housing.
Former Baltimore Mayor Stephanie Rawlings-Blake, who also previously headed the U.S. Conference of Mayors, will chair the Airbnb council. She is the only council member who will be compensated by Airbnb for her service.
Do short-term rentals drive up housing costs? Airbnb argues that independent research finds other factors are the main drivers. The company states that “dedicated Airbnbs” make up less than 1% of U.S. housing stock in major U.S. cities. However, it’s clear that in some communities, the density of Airbnbs is far greater than that.
Plenty of research, however, points to Airbnb and the vacation rental industry as significant contributors to the affordable housing crisis.
Informs Research concluded in 2021 that Airbnb indeed drives up property prices and rents in certain U.S. markets, particularly in destinations where there are fewer owner-occupied short-term rentals. The largest increases come in vacation towns, it found.
“Ultimately, we found that the number of Airbnb listings in some zip codes were positively associated with both property price increases and rental rates,” said California State University’s Edward Kung, one of the report’s authors. “Concerns about the effect of Airbnb on the housing market do not appear unfounded. But more research is needed into the long-run effects on the housing supply.”
Harvard Political Review cited a Harvard Business Review paper that noted a correlation between increases in Airbnb listings to rises in the asking prices for rents.
“This means that as the number of Airbnb units in a neighborhood increases, the asking prices for rental units would increase as well,” the Harvard Political Review said in 2021. “The paper went on to say that this is ‘likely due to non-owner-occupies reallocating their properties from the long-
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