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NYC AIRBNB HOSTS ON BRINK OF FORECLOSURE FOLLOWING CITY CLAMPDOWN: REPORT

By Lisa Fickenscher

Published Nov. 16, 2023, 4:00 p.m. ET


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New York City’s Airbnb clampdown has owners of one- and two-family homes
claiming they are fighting to stave off foreclosure as income from their
short-term rentals dries up, The Post has learned.

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Since the new rule – known as Local Law 18 — went into effect in September,
property owners’ housing costs have surged to more than 50% of their income,
according to a study by a grassroots group representing single- and two-family
homeowners that was presented to some members of the City Council this week.

The report by Restore Home Ownership Authority and Rights, or RHOAR — obtained
exclusively by The Post — said the financial hit could put their members at risk
of losing their homes at a time when home foreclosures citywide are up 44% from
a year ago.

More than a third of the group’s 500 members — who span all five boroughs and
are mainly retired, unemployed or self-employed — say they can’t afford their
expenses without the rental income, according to the RHOAR report.

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“We are not living in multi-family apartment buildings where you share common
spaces,” RHOAR member Jean Lamb told The Post. “Our common spaces are ours and
we should have the right to share our homes with whomever we want.”

The irate homeowners say they are collateral damage after city officials —
including Public Advocate Jumaane Williams — had said they would not be the
prime targets of the new restrictions before the law was passed by the City
Council.

“We were clear our intent is not to go after one- and two-family homeowners,”
Williams had told The City in 2019.

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4
One and two-family homes that rent space on Airbnb are spending a greater
portion of their income on their housing costs since NYC’s crackdown on
home-sharing apps.Stephen Yang

Brooklyn homeowner Margenett Moore-Roberts had been renting out the ground floor
of her two-family home in Bedford-Stuyvesant for between $150 and $400 per
night, but fears she won’t be able to make ends meet after Dec. 1 – when
Airbnb’s grace period ends for reservations that were on the books before the
law went into effect.. 

“The income that we were able to consistently rely on allowed us to afford our
month-to-month expenses,” Moore-Roberts told The Post.

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Williams, a fierce Airbnb critic, now admits the new regulations are an
imperfect solution.

“Local Law 18 is a first step, one which may need to be evaluated and adjusted
over time, but it is an important step,” Williams told The Post.

4
Private homeowners argue that they should be exempt from a law that lumps them
in with apartment buildings.David McGlynn

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“We urge the Office of Special Enforcement to focus on large-scale bad actors
depleting our city’s housing stock, rather than New Yorkers operating in good
faith to try and make ends meet amid the ongoing affordability crisis.”

Local Law 18 bans separate apartments or living quarters for short-term stays in
both apartment buildings and private homes, imposing stiff penalties of up to
$5,000 per violation. It limits rentals to two guests. and reservations can’t be
made for less than 30 days without being registered with the city.

It also requires owners to be present during the entirety of the stay and that
guests must have unrestricted access to common rooms in the dwelling.

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Airbnb has seen its listings plunge more than 75% since the rule went into
effect.

4
Opponents of Airbnb argue that the units are not safe and contribute to the
housing crisis in NYC.REUTERS

Legislators pushed through the legislation in an effort to cut down on the
thousands of short-term apartment rentals, mainly in Manhattan, in an effort to
address the city’s affordable housing shortage and abusive practices by rogue
landlords who turned apartments into hotel rooms.

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However, those who had rented out units in their homes, especially in the outer
boroughs, are feeling the financial fallout.

Another longtime Airbnb host who lives in a townhouse in Greenpoint fears she
won’t be able to cover her mortgage payments as her income stream dwindles.

Leslie, a single mom who did not want to use her full name, said she is
registered with the city but has no reservations for January and February. 

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“People don’t want to stay in a shared space,” she said.

4
Airbnb’s short-term listings in NYC have declined by more than 75% since the
Sept. rule was implemented.RightFramePhotoVideo – stock.adobe.com

The RHOAR report urged legislators to amend the the law.

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There is precedent for the apartment buildings and private homes to be treated
differently under the law. For example, private homes are not required to have
sprinklers or register with the Department of Housing Preservation &
Development, Lamb said.

What do you think? Post a comment.

Former City Council member Ben Kallos, who wrote the registration legislation,
had signaled that private homeowners had nothing to fear from Local Law 18.

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“I don’t think that we’re really focused on going after somebody who is going
away for a weekend,” he told Fox 5 New York last year.

Airbnb didn’t immediately respond to requests for comment.


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