Journal
CURRENT ISSUES IN TOURISM
Volume 25, Issue 19, Pages 3212-3224Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/13683500.2020.1814704
Keywords
Sharing economy; Short-term rentals; Airbnb; Regulation effect; Difference-in-differences (DID)
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Funding
- Ministry of Education of the Republic of Korea
- National Research Foundation of Korea [NRF-2019S1A3A2098438]
- National Research Foundation of Korea [2019S1A3A2098438] Funding Source: Korea Institute of Science & Technology Information (KISTI), National Science & Technology Information Service (NTIS)
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This study provides empirical evidence that the regulation prohibiting advertisements for illegal short-term rentals in New York State has effectively impacted the performance of Airbnb listings, resulting in a decrease in monthly revenues of regulated listings.
On 21 October 2016, New York State Governor Andrew Cuomo signed a bill into law prohibiting advertisements for illegal short-term rentals. This study examines the impact of the regulation on the performance of peer-to-peer accommodations and offers new empirical evidence about illegal rental property listings in New York City. To achieve the study aims, a difference-in-differences technique was performed via a case study of 177,424 Airbnb listings in New York City and Washington, DC. The analyses showed that the monthly revenues of Airbnb listings that were subject to the regulation decreased in the period following the passage of the regulation, suggesting that the regulation was effective in restricting Airbnb performance. The findings can contribute to an ongoing regulatory conversation about short-term rentals and have immediate implications for state legislators.
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