Airbnb Drives Up Rent Costs in Manhattan and Brooklyn, Report Says

Airbnb’s growing influence caused rents to increase significantly in tourist areas and gentrifying neighborhoods in Manhattan and Brooklyn, where the majority of the company’s rentals are concentrated, according to a report released on Thursday by the city comptroller’s office.


Airbnb makes it easy to rent apartments to tourists, taking units off the market for full-time residents, the report said. And some New York tenants use the platform to rent spare bedrooms to travelers year-round, often in violation of housing rules or without the permission of their landlords.


The report said that Airbnb’s influence cost New Yorkers $616 million in additional rent in 2016 as a result of price pressures.


Many tenant advocacy groups say that Airbnb increasingly displaces low-income New Yorkers and welcomes unruly neighbors into their buildings.


Read more: https://nyti.ms/2w8OnQE

Recent Stories