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technical analysis: wonder electricals limited (543449) ✌️【Flexible Hours】✌️ Free global stock market data to help you plan the best investment strategies and seize market opportunities. The rules, which are being enforced as of Tuesday, mean a whole lot of listings on sites such as Airbnb will no longer be available for stays of less than 30 days unless property owners have gone through the city’s application process and received approval in the form of an official registration number.

technical analysis: wonder electricals limited (543449) ✌️【Flexible Hours】✌️ Free access to real-time stock market data analysis, global market trends, and expert predictions. Capture emerging opportunities and grow your portfolio steadily, with insights into metals, energy, and agricultural products. Airbnb has called the rules a “de facto ban” on short-term rentals (STRs) that will hurt hosts and the tourism economy. The city says it’s enforcing existing laws and protecting the health and safety of visitors as well as preventing housing from “being lost to the practice of illegal STRs,” according to official documents.

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“Registration creates a clear path for hosts who follow the City’s longstanding laws and protects travelers from illegal and unsafe accommodations, while ending the proliferation of illegal short-term rentals,” said Christian Klossner, executive director of NYC’s Office of Special Enforcement, in a statement.

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technical analysis: wonder electricals limited (543449) ✌️【Flexible Hours】✌️ Professional investment advisors provide up-to-the-minute market data, helping you analyze stock trends and select high-potential stocks. Achieve capital growth with well-researched strategies based on expert insights. Airbnb and some local hosts filed separate lawsuits to block the city’s enforcement of the registration rules outlined in Local Law 18. Those suits were dismissed last month.

“New York City’s new short-term rental rules are a blow to its tourism economy and the thousands of New Yorkers and small businesses in the outer boroughs who rely on home sharing and tourism dollars to help make ends meet. The city is sending a clear message to millions of potential visitors who will now have fewer accommodation options when they visit New York City: you are not welcome,” Theo Yedinsky, global policy director for Airbnb, said in a statement.

Other property listing sites, such as vacation rental site Vrbo, will all be subject to the new rules. Expedia Group, which owns Vrbo, declined to comment.

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Yet Bjorn Hanson, clinical professor at the Jonathan M. Tisch Center of Hospitality at New York University, isn’t so sure.

Hanson said that long-term average hotel occupancy in New York City is between 80% and 85%, well above the national average between 62% and 67%. Hanson estimates Airbnb accounts for about 20% of the city’s active transient housing supply – larger than any single hotel company such as Marriott or Hilton and “a significant share of lodging inventory.”

“New York is among the cities with the highest number of turnaways, so with reduced inventory, there will be fewer visitors and visitor days able to find lodging accommodations,” Hanson told 【 - Free Access to Investment Community 】 Travel via email.

“Families traveling together, multigenerational travel, friends traveling together/getting together. As much as cost is a reason to use STRs, the nature of the lodging is as or more important for many: everyone staying together, kitchens, dining rooms, common areas, etc.  That type of demand may be the most affected,” Hanson said.

Hanson suspects that some hosts will be looking for “loopholes,” possibly by listing properties for 30 days at significantly lower rates with the understanding that stays won’t last the full 30-day period.

technical analysis: wonder electricals limited (543449) ✌️【Flexible Hours】✌️ Expert market predictions, real-time updates, and personalized investment advice designed to help you succeed. Seize the best investment opportunities in global stocks, metals, and energy markets. Thousands of listings across various booking sites will be affected as the new registration rules are enforced. The city said that as of the end of the first quarter of 2023, nearly 11,000 listings citywide violated occupancy laws.

technical analysis: wonder electricals limited (543449) ✌️【Flexible Hours】✌️ Gain access to professional investment advice, free market trend analysis, and real-time stock market data. Make informed decisions and unlock the full potential of your investments with expert predictions and guidance. As of early last week, the city had granted registration approval to only about 260 applications out of more than 3,200, many of which were filed after the lawsuit was dismissed in August. Of the 3,200 applications, about 800 had been reviewed and more than half were returned to applicants for additional information or corrections, the city said.

Existing reservations with a check-in on or before December 1 “will not be canceled to mitigate impact on Hosts and guests,” Airbnb said. The company said it would refund Airbnb fees associated with those stays after check-in to comply with STR regulations. Local Law 18 prohibits booking platforms from processing transactions for unregistered listings.

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On September 5, all Airbnb listings without registration numbers or exemptions will be converted to long-term stays of 30-days or more if the host’s calendar settings allow those lengthy stays. Otherwise, those listings will be deactivated.

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