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Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

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Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#71

Post by hellomyguys »

WinstonSmith84 wrote: post #52
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

You don't need to doubt, simply check booking.com: hotels are already more expensive. It's practically impossible to find anything half decent on Manhattan below 350USD/night. Before, AirBnbs (and hotels), there were many sort of half decent options around ~250. Meanwhile, office rental space are in trouble, such an irony. Also, while this may not apply to NYC, I will never ever book hotels on a long term basis but a…

A quick search show plenty of solid hotel choices under $350 during the week, in fact plenty of good choices around the $250 mark you mentioned.

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#72

Post by ttymck »

fasthands9 wrote: post #23
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

I'm seeing stats that say hotel occupancy in NYC averaged 87% percent last year. I'm also seeing there are 123,000 hotel rooms and there were 40,000 airbnb listing in NYC. This seems to suggest that supply of airbnb will materially change total hotel listings.

What was Airbnb occupancy?

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#73

Post by hypeit »

mastercheif wrote: post #48
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

The problem is that it’s essentially illegal to build new hotels in NYC. This is because NYC’s hotel labor unions successfully lobbied to enact a law requiring city council approval to build new hotels in the city. Effectively damning any new developments to endless hand wringing and grandstanding from NIMBYs and other interests. Many new hotels in recent years were staffed with non-union labor, this was their way to…

> The problem is that it’s essentially illegal to build new hotels in NYC.

I really wouldn't classify this as a problem. It's completely possible today to book a hotel room in NY at all manner of price points. The prices are not noticeably different than anytime in the past few years.

There is a ton of hotel inventory in NYC. If I was a resident, I wouldn't even want more hotels built because the city is already full to the brim with tourists and lacking space for affordable residential property.

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#74

Post by lawlessone »

jddj wrote: post #19
RC_ITR wrote: post #10

Yeah and on the flipside the price of rent will go down. A weird quirk of America is that we are so obsessed with tourism that we are willing to sacrifice quality of life for people who live in one place, for the benefit of a bunch of people who visit for 3-4 days. This is the peak of that thinking.

You'll be pleased to know that isn't an exclusively or even particularly American trait

We have the same issue's in cities across Europe. And then some dim people blame refugees when they would rather be living in apartment or house.. but can't because those are on AirBNB.

Hotels aren't blameless either. in my city they cancelled a ton of reservations and blamed a technical fault.. when really they wanted to charge more after a concert was announced.

https://www.irishmirror.ie/news/irish-news/taylor-swift-book...

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#75

Post by wnc3141 »

hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

I would imagine theres a body of research on this. But I would be surprised if Air BNB didn't put downward pressure on hotel prices - as more supply creates greater competition. I'm thinking of the "southwest effect" where entry of a low cost airline to a market leads to overall lower ticket prices across airlines serving that market. (even though incumbent airlines were already competing).

If your'e curious: https://en.wikipedia.org/wiki/Effect_of_low-cost_airlines_on...

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#76

Post by atleastoptimal »

RC_ITR wrote: post #13
atleastoptimal wrote: post #9

Earlier quoted context omitted.

Supply and demand. Fewer AirBnB's mean more will use hotels who will otherwise use AirBnB, leading to hotels increasing their prices, even though they compete with each other.

And the supply of apartments for living in will go up by exactly the same amount. Supply and demand works in both directions.

They're not the same markets so not comparable in that sense. Even if it equalizes eventually, price will increase temporarily.

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#77

Post by bobthepanda »

mastercheif wrote: post #48
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

The problem is that it’s essentially illegal to build new hotels in NYC. This is because NYC’s hotel labor unions successfully lobbied to enact a law requiring city council approval to build new hotels in the city. Effectively damning any new developments to endless hand wringing and grandstanding from NIMBYs and other interests. Many new hotels in recent years were staffed with non-union labor, this was their way to…

The city is already the sixth largest tourist destination in the world.

If you actually ask the average resident they would probably shrug or have a negative opinion of lowering the barrier to tourism. This also isn’t uncommon, major destinations like Barcelona and Venice are trying to limit arrivals outright.

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#78

Post by JumpCrisscross »

hypeit wrote: post #60
KenArrari wrote: post #21

Earlier quoted context omitted.

This has already happened. The supply is lower now. The demand is the same. The prices must go up from the people competing for the smaller number of rooms. This is also why it caused rents to rise.

> This has already happened. Except it hasn't. Hotel prices are the same today in NY as they were when Airbnb was going full blast. Again, NYC has always had excess hotel inventory. There is no shortage that would effect pricing. You can check right now on Expedia and see that prices are roughly the same as last year and the year before that.

> Hotel prices are the same today in NY as they were when Airbnb was going full blast

New York hotel prices are up double digits year over year [1].

[1] https://www.pwc.com/us/en/industries/consumer-markets/hospit...

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#79

Post by zactato »

l72 wrote: post #31
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

I find AirBnBs only make sense in two scenarios: - You need a "long term" stay, like 3-6 weeks. When I travel over seas, I usually stay in a single city for at least 3 weeks. Having an AirBnB makes sense. I don't need daily cleaning and having a kitchen is great! - You need a full house for a family gathering. Neither of these compete with hotels. Granted, there were options for these types of stays before AirBnB (VR…

Most cities have Hotels in very specifically zoned neighborhoods. Sometimes these are in neighborhoods you actually want to be in sometimes not.

AirBnBs allows you to stay in neighborhoods where people actually live. This is a huge difference for a lot of folks.

Re: Airbnb CEO: NYC hotels will get more expensive after short-term rental crackdown

#80

Post by hospitalJail »

nolok wrote: post #12
hypeit wrote: post #3

I seriously doubt hotels will get more expensive as they still have to compete with each other. I would say Airbnb has never had any influence on hotel pricing in NYC. That being said, I tried Airbnb in NY a few times and it was absolutely disgusting. In most places Airbnbs will be a bit dirtier than a hotel but in NY it wasn't even close. Rats, cockroaches, showers that don't drain, grime everywhere... After a few e…

Agreed, as someone who needs to travel a lot worlwide, in cities where the hotel business is very active airbnb is systematically terrible. It might be cheaper, but you will wish you spent the extra bucks.

Its been a long time since I used AirBnB, but when I started, basically everyone lived at the home we were going to. You went into someone's actual home, actually decorated, with recommendations from people who actually live there.

Now, you didn't have 100% privacy, but back then, I just wanted a cheap place to stay.

Since then, AirBnB are just commercial properties.

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