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Use of Airbnb and other short-term rental (STR) hosting platforms has been increasing. These platforms have provided entrepreneurial New Yorkers with an opportunity to alleviate their rising costs of rent and have brought tourists into less traditionally visited neighborhoods-arguably offering a more genuine "New York" experience. However, the rapid expansion of these platforms has had an adverse impact on the New York City rental vacancy rate, has impacted the City's affordable housing stock, and has the potential to negatively impact some of the City's most vulnerable communities. Current STR regulations in New York are inadequate in addressing how to balance these competing concerns. Without comprehensive legislation addressing short-term rentals, the New York City permanent resident rental stock is at risk of being further depleted.
Introduction .............................................................................................. 152
I. The New York City Capacity Problem................................................ 156
A. A Brief History of Housing in New York.................................... 158
B. The New York City Capacity Problem: Balancing Affordability with the "Tourist Economy".................................. 160
1. Addressing Affordable Housing in New York City ............ 160
2. Tourism in New York................................................................ 162
C. The Impact of Short-Term Rentals on New York City Affordable Housing.......................................................................... 165
1. The Early History of Airbnb in New York............................ 166
2. New York's Regulation of Short-Term Rentals..................... 169
II. Living with Airbnb.................................................................................. 173
A. Proposals Within New York........................................................... 175
B. Solutions from Other Cities ............................................................ 176
1. A Moratorium ............................................................................. 177
2. A Tax............................................................................................. 178
3. A Comprehensive Approach.................................................... 180
III. Policy Projections..................................................................................... 183
A. A New York City Short-Term Rental Permit Process ............... 186
B. A Strict One Host, One Listing Policy.......................................... 187
C. A Data Sharing Policy ..................................................................... 188
D. A Limit to Overnight Listings per Year ....................................... 188
E. A Ban in Certain Municipal Zones ............................................... 189
F. A Comprehensive Tax Policy......................................................... 190
G. A Short-Term Rental Agency or Division.................................... 190
H. Other Considerations ....................................................................... 191
Conclusion ................................................................................................ 191
Introduction
Airbnb was founded in 2007 by Brian Cheskey and Joe Gebbia.1 Living as roommates in San Francisco, Cheskey and Gebbia received a notice from their landlord that their rent would increase by 25 percent that month.2 Unemployed, strapped for cash, and worried they would not be able to pay their living expenses, they were determined to "design their way out" of their situation.3...