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Should short-term apartment leasing services such as Airbnb be prohibited in New York City?
Airbnb contributes greatly to economic activity in New York City.
Airbnb has generated significant additional income that has helped to grow the NYC economy.
A lot of this economic activity is
and would not have existed in the city without Airbnb.
The money that guests save by renting an Airbnb for their trips is likely to then be spent on a diverse range of smaller local businesses, such as restaurants or shops in the vicinity of their accommodation, whereas previously that money would likely have gone to a hotel conglomerate.
Airbnb economic contribution is especially beneficial in parts of the city where hotels are not allowed, enabling those communities to benefit financially from tourism as well (
Coles et al, p. 2
Governments are losing out on tax they would have received if the income was coming from the regulated hotel industry, which could have been spent on local community and infrastructure development.
Unregulated mass tourism can cause the cost of local goods and services to rise above what residents can afford.