Airbnb’s Median Income for Its New York Hosts
Airbnb is a privately-owned and successful company that lets its user look online to find and rent vacation homes for a certain time.
People living in New York City who are putting their homes up on Airbnb are actually not making tons and tons of money, but they’re making more than enough money on the side in addition to any of their regular incomes. This is actually reflected in a study that tracked the earnings of Airbnb users from June of 2015 to June 2016.
The data suggests that hosts in New York earned an average of $5,474 through Airbnb’s usage that year. However, the median income changes depending on the neighborhoods that are surveyed. For instance, citizens living in Midtown Manhattan earned $8,286 on average from Airbnb while people from Queens earned close to $4,100. New York City has well over 41,000 active listings on the site as of this June.
The findings come just a short time after a report suggested that the rate of rentals tend to be highest in neighborhoods that use Airbnb the most often, and commissioned by people advocating for affordable housing. Airbnb would also happen to be responsible for the gentrification of neighborhoods where the residents are predominantly minorities.
Airbnb has offered their input on the market, saying that even though they regularly monitor hosts with multiple home listings, they pay attention to hosts that offer space that could be used for long term rentals.
In late June, the New York State Senate passed a bill that would ban New York residents from listing short-term rentals. In essence, any resident using home-sharing website Airbnb to offer rentals of less than 30 days could be fined up to $7,500.
The bill now sits on the desk of New York Governor Andrew Cuomo. He can either endorse it, veto it, or do nothing and allow it to become law.
According to Airbnb, passing the law would make NY the only jurisdiction on the planet to ban listings for short-term rentals and it has decided to fight back.
The San Francisco-based company announced that it was providing $1 million in funding to a political action committee aimed at educating voters about the pending legislation and its repercussions.
Airbnb and NY have battled for years over the legality of its use by residents. In many instances, the company says that everyday people depend on the site to pay their bills and stay above water. Hospitality companies disagree, claiming that users are turning their homes into illegal hotels.
Airbnb says that the PAC, called Stronger Neighborhoods PAC, will not directly fund candidates but instead focus on ads to make the public aware of the position that its politicians are taking on the matter.
One of the company’s more prominent investors, Ashton Kutcher, took to Twitter to express his frustrations with how the new law is being handled.
Governor Cuomo said that he has not yet decided if he will sign the bill.