As predicted, the availability of legal short-term rentals on platforms such as Airbnb is diminishing in New York City.
Since the initiation of its registration portal in March, the Office of Special Enforcement (OSE) in the city has approved only 405 applications from potential short-term rental hosts. The latest data release from the agency revealed 214 rejections and 758 applications returned for revisions.
Despite receiving 4,624 applications over the six months, a significant majority are still pending. Staffing shortages have exacerbated the challenges for individuals within the city limits who depend on short-term rental income, with 70% of applicants anxiously awaiting a response from the city agency.
Keep in mind that the preceding month, the city had over 10,000 short-term rentals in operation. Existing state and city laws already prohibited stays for under 30 days without the presence of the permanent tenant, and the newly implemented registration law has further complicated matters for hosts and short-term rental companies.
Applicants have been expressing dissatisfaction for months about the slow decision-making process of OSE. In its fiscal year report, the agency disclosed that it took an average of 50 days to make application decisions. However, the waiting period took more than an additional month when the agency asked for revisions from applicants.
As the repercussions of Local Law 18 become evident, alternative platforms are intensifying their efforts to fill the growing void, and visitors may also (re)turn to hotels or explore accommodations on the other side of the George Washington Bridge in New Jersey. Could this be an unexpected twist for the Garden State?
