In the midst of a housing crisis in Australia and ongoing global economic strains, regulators are pushing for new rules around short-term rental providers such as Airbnb.
Last week, new laws were introduced in New York City which means owners are no longer allowed to rent a whole apartment out for any length of time under 30 days. The host must also register the property with the city and physically share the living quarters with the guest for the duration of the stay. There is also a limit of two guests at any one time, effectively barring family and group travel.
Thousands of properties have dropped off the Airbnb platform in New York City as a result of the new laws and Theo Yedinsky, the global policy director of Airbnb said the rules are a blow to, “the thousands of New Yorkers and small businesses in the outer boroughs who rely on home sharing and tourism dollars to make ends meet.”
In Florence, Italy, new short-term rentals in the city’s historic centre have been banned in a bid to attract full-time residents to one of the country’s most popular destinations. The mayor of the city, Mr. Dario Nardella announced a tax incentive for owners who convert their property back to long-term rental.
The idyllic coastal hub of Byron Bay on NSW’s far north coast was also advised to apply a 60-day cap to short-term rentals in the area in a bid to support rental availability and affordability. The Mayor of Byron Bay, Michael Lyon told the ABC he was “ecstatic” to hear the news at the time.
In San Francisco, hosts must live in the property for 75 per cent of the year, and can only offer an entire property for up to 90 days a year. The city also imposes a 14 per cent fee known as the ‘Transient Occupancy Tax on reservations under 30 nights.
Other cities that have implemented some form of regulations around short-term rentals include Toronto, Singapore, Berlin, Paris and France.
