In Brief: An iGMS study estimates that New York City has about 80% fewer short-term rental listings than it would have had without Local Law 18, with many former listings disappearing from Airbnb or shifting to stays of at least 30 nights.
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Image Credit iGMS – Image Credit Unsplash
Study Compares New York With Similar Markets
New York City’s short-term rental supply is approximately 80% lower than it would have been without Local Law 18, an iGMS study found. The report, titled “What New York’s Short-Term Rental Crackdown Actually Did,” examined market data through May 2026.
The researchers compared New York with eight similar U.S. counties that did not introduce comparable restrictions during the period studied, rather than relying only on listing totals before and after enforcement.
A basic comparison of New York’s supply before and after the law indicates a 72% reduction. After accounting for 40.5% supply growth in the comparison markets, the study estimated that New York had about 80% fewer listings than it otherwise would have had.
Airbnb reported that New York listings fell by more than 90%, while AirDNA estimated an 83% decline during the first year. Those figures did not account for supply growth in comparable markets.
Most Pre-Law Listings Left Airbnb or Changed Terms
The study tracked 31,198 New York listings that were active before enforcement of Local Law 18. Of those, 76.5% no longer appeared on Airbnb, while 17.4% shifted to 30-night or longer rental periods.
Manhattan recorded the largest proportional decline among the five boroughs, losing 81% of its pre-law listings.
Price Findings Depend on the Measurement Used
Average asking prices in New York rose 137% relative to the eight comparison markets after enforcement began. However, when researchers tracked the same listings over time, prices rose 15%.
The study did not conclude that Local Law 18 caused either measure of price growth.
Some Bookings Shifted to Commuter Counties
For every 100 booked nights lost in New York, commuter counties gained about 13. Counties with the strongest transit connections to Manhattan recorded the largest gains.
The increase in surrounding counties replaced only a limited share of the booked nights lost within the city.
Data Do Not Establish Housing Effects
The study does not establish that short-term rental properties returned to New York’s long-term housing supply. Available platform data show whether listings disappeared or changed their minimum stay, but they do not reveal each property’s subsequent use.
The report also does not claim that Local Law 18 caused the observed price changes.