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Travel Discussion
Reply to "NYC avg nightly hotel rate hits record high: $417/night"
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[quote=Anonymous][quote=Anonymous]It’s also an issue of supply and demand. NYC cracked down on AirBnBs, some hotels are being used for migrants and the city made it harder to build new ones. [/quote] This. There used to be over 20,000 Airbnb listings in 2023 before local law 18 went into effect and now there are well under 5,000. For those, the rules are so strict that it doesn't make sense for many people to book them (maximum 2 people and the host must be physically present IN THE UNIT which is absurd). And as PP pointed out, it's hard to get approval to build new hotels, especially large ones. Because it's so hard, the new hotels that appear tend to be much smaller boutique properties, not big hotels with lots of rooms.[/quote]
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