New York officials enacted legislation to curb Airbnb’s operations due to escalating urban rents, driven by property shortages.
A local law banning rentals for less than 30 days except under strict exemptions went into effect early this month, and the controversial crackdown has triggered a plunge in short-term rentals on the platform in one of the company’s largest markets. Chesky sought to downplay the impact of the law on his 15-year-old company’s bottom line, saying the United States’ most populous city, a cultural and international tourism hub, is no longer in the platform’s top three destinations, which are now Paris, London and Los Angeles.
Chesky stressed that no city in the world accounted for more than 1.5% of revenues generated by the San Francisco-based group.