T
he city's hotel union and Airbnb are once again at odds over a City Council bill that would create exemptions to Local Law 18, allowing more short-term rentals in single- and two-family homes. The law, adopted two years ago, requires hosts on platforms like Airbnb to register their rentals with the city and prohibits subletting in certain buildings. However, the new bill would permit registered owners of one- and two-family homes to rent out units without being present, and allow up to four guests instead of two.

    Airbnb sees this as a "common sense" update to an overly restrictive law, while the Hotel Trades and Gaming Council argues that it would undo progress made by Local Law 18 and exacerbate the city's housing crisis. The bill is seen as a bid for market share between the hotel industry and short-term rental platforms.

    The fight over Local Law 18 has been intense since its adoption in September 2023, when listings on Airbnb plummeted 90% according to a report commissioned by the company. This has led to concerns that the city's hotels are being threatened by the proliferation of short-term rentals.

    Meanwhile, mayoral contenders have vowed to freeze rents if elected in 2025, sparking questions about whether landlords would sue if the Rent Guidelines Board imposes a rent freeze. The city also plans to close 25 migrant shelters by the end of the month, and Manhattan District Attorney Alvin Bragg is urging a judge to delay sentencing for President-elect Donald Trump rather than dismiss the case.

    In real estate news, the priciest residential sale was $13 million for a condominium unit at 500 West 18th Street in Chelsea, while the largest commercial sale was $15.1 million for an apartment building at 109 Gold Street in Vinegar Hill.