It’s no secret that New York is an increasingly expensive place to live. But for thousands of Airbnb hosts across the five boroughs, sharing their home with travelers is the key to making ends meet.
Steve DelBianco, the executive of NetChoice, recently wrote an op-ed for the New York Post titled “How Airbnb actually makes NYC affordable.” In it, Steve gets to the heart of how Airbnb is helping middle-class New Yorkers:
Indeed, far from pricing people out of their preferred New York neighborhoods, Airbnb has the opposite effect. It enables renters to cope with soaring rents.
As The Guardian reported last year: “With the average rent in New York hitting $3,000 a month and some areas of San Francisco cresting even higher, after 10% increases last December alone, the system is so stacked against most regular residents that it’s hard not to see Airbnb as a tiny correction to one of the most depressing things about these cities: $2,800-a-month studios and real-estate ads that consider it a genuine enough boast to promote that ‘every room has a window!’ In this context . . . Airbnb makes sense from both sides.
Airbnb isn’t eroding the city’s stock of housing. It’s helping residents cope with the inflationary effects and price fluctuations of the city’s existing housing market. It may be technologically disruptive — but it’s economically stabilizing.
Steve also points out some important facts about our global community:
Here are the facts: More than 80 percent of Airbnb hosts share the home in which they live; hosts use nearly half of the extra money earned to pay for regular household expenses; more than half of Airbnb hosts used the money to pay rent and mortgages.
Each host decides to open their home for their own unique reasons. But for many, the supplemental income makes all the difference when it comes to covering the bills, paying student loans, or being able to start a new business. And for over 70% of New York hosts, Airbnb helps them stay in the home, and neighborhood, that they love.