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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

#91

Post by JumpCrisscross »

hypeit wrote: post #83
JumpCrisscross wrote: post #81

Earlier quoted context omitted.

> lacking space for affordable residential property We are not space constrained. Like in California, housing shortage is a policy choice by New York’s voters. (In this case, we chose to shift some of the burden onto tourists versus property owners.)

> We are not space constrained. I'm sorry but New York is famously space constrained. There is no new Manhattan land showing up any time soon.

> New York is famously space constrained

Facts over fame.

New York City’s population density, 11,200/sq. km [1], doesn’t even make the top-100 list globally [2]. There are a handful of blocks in Midtown, the Wesr Side and downtown that approach anything close to densities where our ability to build constrains us.

> There is no new Manhattan land showing up any time soon

I have a flat next to a surface-level parking lot in central Manhattan! We have a ton of infill potential before even asking about the two- and three-story buildings that make up most of our residential structures.

[1] https://en.m.wikipedia.org/wiki/Demographics_of_New_York_Cit...

[2] https://en.m.wikipedia.org/wiki/List_of_cities_proper_by_pop...

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

#92

Post by fasthands9 »

cypress66 wrote: post #34
fasthands9 wrote: post #23

Earlier quoted context omitted.

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.

> 123,000 hotel rooms That sounds kinda low for NYC.

It is low for what it should be. Like a lot of American cities - NYC routinely makes it difficult to build new hotels.

Fwiw for reference, I'm seeing that Las Vegas has ~150,000, LA has ~98,000, and Philadelphia has ~30,000. I'm assuming for a lot of these the numbers would expand/contract if you change the boundaries.

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

#93

Post by JumpCrisscross »

yardie wrote: post #50

It's funny Brian compares NYC to Paris. If there is one thing the French love is to create rules and regulations. I think the team in Paris realized, probably early on, they could work with the marie or against the marie. And work with some well-meaning regulations. Parisians were concerned about affordability and flat supply early on with Airbnb, VRBO, and PaP. NYC city hall was not and figured the market would sort…

It is an interesting example of a company failing to self regulate. I’m genuinely fine with my neighbours renting out the apartment they live in while they’re there or out of town. But it wasn’t okay to be woken up at 4AM to the button-mashing buzzer fiend of the week.

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

#94

Post by hypeit »

JumpCrisscross wrote: post #91
hypeit wrote: post #83

Earlier quoted context omitted.

> We are not space constrained. I'm sorry but New York is famously space constrained. There is no new Manhattan land showing up any time soon.

> New York is famously space constrained Facts over fame. New York City’s population density, 11,200/sq. km [1], doesn’t even make the top-100 list globally [2]. There are a handful of blocks in Midtown, the Wesr Side and downtown that approach anything close to densities where our ability to build constrains us. > There is no new Manhattan land showing up any time soon I have a flat next to a surface-level parking l…

> Facts over fame.

You said NY was not space constrained. It's a fact that it is space constrained. Maybe you could squeeze out a bit of density but it is most definitely space constrained.

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

#95

Post by yieldcrv »

welldoneator wrote: post #90
yieldcrv wrote: post #44

Earlier quoted context omitted.

thats… yes, too risk averse people have overwhelmingly positive experiences with airbnb and a few outliers, or people make fun of the pricing of the fees but the actual experience is pretty benign

...until something goes wrong and you're dealing with a situation at best more annoying and worst downright hostile (ask me how I know). Your only recourse if something goes wrong is a random host whose income is directly tied to not helping you. If you're dealing with an issue at a hotel, there's strict policies in place and at the very least the person on the other end gets paid regardless of whether or not you're…

there’s little accountability we already established that

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

#96

Post by hospitalJail »

yardie wrote: post #50

It's funny Brian compares NYC to Paris. If there is one thing the French love is to create rules and regulations. I think the team in Paris realized, probably early on, they could work with the marie or against the marie. And work with some well-meaning regulations. Parisians were concerned about affordability and flat supply early on with Airbnb, VRBO, and PaP. NYC city hall was not and figured the market would sort…

>I think the team in Paris realized, probably early on, they could work with the marie or against the marie. And work with some well-meaning regulations.

That sounds all great, but you also wonder if these well-meaning regulations are the reason why Europe is so far on the decline.

I'm not convinced NYC did the right thing here. You are destroying a large part of the tourism industry in favor of a mere ~10k new listings, still controlled by landlords. You wonder how much this is going to hurt the government's bottom line.

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

#97

Post by shortcake27 »

akhosravian wrote: post #65
shawabawa3 wrote: post #47

Earlier quoted context omitted.

Airbnbs also make sense in this scenario: - you get more space, a nicer room, for cheaper than an equivalent hotel Which I'm not sure about NYC specifically, but has generally been true everywhere in the world I've gone

Where are you staying? That has not been my experience with any Airbnb in the last 5 years. I’ve stayed in airbnbs in New York City, San Francisco, Berkeley and Corvallis. It costs as much as a hotel, often misleading about having a “whole house” (they also rent the basement), and having a list of check out chores in addition to a cleaning fee.

I haven’t been to America in quite a few years, but 10ish years ago a private room in an Airbnb was cheaper than a hostel in NYC.

I’m currently in Poland and I’m renting an entire apartment on Airbnb for less than a bed in a hostel, let alone a hotel. Anywhere in Europe a room in an Airbnb seems to be on par with the price of a bed in a hostel.

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

#98

Post by fasthands9 »

ttymck wrote: post #72
fasthands9 wrote: post #23

Earlier quoted context omitted.

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?

This says about 20% in 2021.

https://www.alltherooms.com/resources/articles/average-airbn...

I assume both the 87% hotel occupancy and 20% airbnb occupancy are much higher on weekends or special days, for instance. Pretty easy to see how prices will rise in select areas and many days.

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

#99

Post by stvltvs »

hn_throwaway_99 wrote: post #61

Wow, some of the armchair analyses here are just so lacking in understanding beyond people's own individual experiences ("My AirBnB was dirty!"): 1. Of course hotels will get more expensive. This is basic supply and demand at work. As another poster commented, the total amount of AirBnB inventory in NYC was material. Saying "hotels still have to compete with each other" is just missing the absolute basics of Micro-ec…

> 1. Of course hotels will get more expensive. This is basic supply and demand at work.

Not if the hotels are sitting on off-market inventory. I'm not a hotel general manager, so I assume whatever analysis I would do would be overly simplistic. I just know that hotel rooms often go empty, so AirBnB rooms leaving the market might not affect supply and demand in simple ways.

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

#100

Post by JumpCrisscross »

hypeit wrote: post #94
JumpCrisscross wrote: post #91

Earlier quoted context omitted.

> New York is famously space constrained Facts over fame. New York City’s population density, 11,200/sq. km [1], doesn’t even make the top-100 list globally [2]. There are a handful of blocks in Midtown, the Wesr Side and downtown that approach anything close to densities where our ability to build constrains us. > There is no new Manhattan land showing up any time soon I have a flat next to a surface-level parking l…

> Facts over fame. You said NY was not space constrained. It's a fact that it is space constrained. Maybe you could squeeze out a bit of density but it is most definitely space constrained.

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