Airbnb

🏠 One year after Local Law 18 (LL18), New York City hotel prices rose by 7.4%, outpacing the national increase of 2.1%. The city's rent jumped 3.4% in 11 months with downtown Manhattan median asking reaching $5,000, and vacancy rates remained unchanged at 3.4%. Airbnb guest spending averaged $260 per day, but LL18 reduced accommodation options, particularly in outer boroughs. Critics argue LL18 favors corporations over residents and small businesses, suggesting a need to re-evaluate and amend the law.