Is this the beginning of the end for Airbnb?

The property letting company has effectively been banned in New York City. What does that mean for the UK?

Speaking with the Wall Street Journal’s podcast The Journal this week, one resident of New York City explained how he was able to go from struggling student to earning a more than comfortable living by doing, well, not really that much at all. In 2020 Tom DeRose was in college in the city and found himself struggling to keep up with his landlord’s rent hike (not uncommon in a city where the average rent price is $4,050 per month for a small apartment).

DeRose’s solution was to sublet his apartment on AirBnB over the weekends, staying at friends while he did so. DeRose said he was surprised anyone was interested, but he found the demand was huge. Soon, he was renting out apartments, packing them full of millennial-friendly monotone furniture and the sort of art you’d find in a dentist waiting room, then subletting them full time on Air BnB. At one point, DeRose was operating over a dozen apartments, and involved in the management of more.

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