NYC Issues Over $16 Million in Short-Term Rental Fines

So far, the strict new regulations governing Airbnb and other short-term rentals have not made a significant impact on the rental housing market.

1 minute read

May 16, 2024, 5:00 AM PDT

By Diana Ionescu @aworkoffiction

Multicolored four-story brick New York City apartment buildings with fire escapes

Ryan DeBerardinis / New York City apartment buildings

New York City’s recent crackdown on short-term rentals is reverberating across the tourism industry.

According to an article in The Real Deal, “As of the end of March, the city has scored $16.3 million in settlements from lawsuits related to Local Law 18, Bisnow reported.”

The article notes that short-term rental options declined by 80 percent since the law went into effect. However, over 6,100 new applications were submitted in the first part of 2024. Meanwhile, “Hotels have surged in demand and profitability at the end of the year, recording a jump in average daily rates of 10 percent year-over-year, according to CoStar.”

An analysis conducted in January 2024 — just four months after the new regulations took effect — found no decrease in rents or increase in apartment inventory.

Wednesday, May 15, 2024 in The Real Deal

Aerial view of homes on beach in Maui, Hawaii

Hawaii Passes First Legislation Regulating Short-Term Rentals Statewide

The new law will give counties the power to limit number or short-term rentals and convert existing short-term rental units back into long-term residential housing.

May 13, 2024 - USA Today

Entrance to a drive-through car wash at night with green 'Enter' sign.

Ohio Towns Move to Ban New Car Washes

City officials in northeast Ohio are putting limits on how many car wash facilities can open in their towns.

May 16, 2024 - News 5 Cleveland

Rail tracks on the left, rustic log-built train station painted reddish brown with a green metal roof and concrete platform on the right, evergreen forest and bright blue sky with fluffy white clouds in the background.

More Passenger Rail Coming to Montana

Planning is underway to restore a 45-year-defunct regional passenger rail line connecting southern Montana to Billings and Amtrak’s east-west Empire Builder line from Seattle to Chicago.

May 14, 2024 - 8KPAX

Aerial view of Oceanwide Plaza skyscrapers covered with graffiti tags.

LA’s Abandoned Towers Loom as a “$1.2 Billion Ruin of Global Capital”

Oceanwide Plaza, shuttered mid-construction after its developer filed for bankruptcy, has stood vacant on prime Los Angeles real estate since 2019.

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Close-up of back windshield of Waymo autonomous car.

NHTSA Launches Investigations Into Two More Self-Driving Automakers

The federal agency is responding to reports of crashes and erratic behavior from Waymo and Zoox vehicles.

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Texas Townhomes

Austin Reduces Minimum Lot Size

Smaller lot sizes for single-family homes can make construction more affordable and homeownership available to more households.

2 hours ago - The Texas Tribune

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