Sunday, July 29, 2012

New York Housing Group Makes a Case for Short Term Rentals

New York's Short Term Rental and Hospitality Association made their case for a reasonable level of vacation rental regulation in New York City and statewide in a letter to the state legislature.

     "The vast majority of guests that come to stay at our short-term rentals would otherwise not visit New York, as it is simply too expensive for them to come with a family. They usually look to stay for a week and want to have the option to cook breakfast, lunch or dinner throughout their stay, as expenses obviously mount during the trip.
     Indeed, anyone with a family knows that to eat in restaurants three times a day with small children in tow can be a nightmare. They have no desire to book multiple hotel rooms in the City for their family over the course of 5-7 nights and would choose a different destination otherwise.
     They are also intrepid travelers who want to experience the real New York by staying in a neighborhood and feeling like a local. These are middle class families who choose to spend their vacation in the City. They come from all over the world and the United States to get a taste of the Big Apple."

The group is for regulation of vacation rentals but finds existing attempts to regulate reduce tax revenues to the city by about $19 million and pulls about $150 million out of the local economy.

Read the entire letter here....

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