At stake is potentially millions of dollars in lost revenue for Airbnb in one of its biggest markets. Some 7,500 units don’t meet the requirements to apply for a license, according to market analytics firm AirDNA, and so will likely eventually disappear from the platform. — AP
By Sept 5, thousands of Airbnb Inc rentals in New York City may suddenly be taken off the market.
New rules set to take effect that day require hosts to obtain a license from the city verifying they are in compliance with strict occupancy regulations and building codes. But according to some property owners across the city, the Office of Special Enforcement is struggling to keep up with a backlog of license applications ahead of the Sept 5 start date.
