by Brittany Hunter
Mises.org
Late last week, Governor Cuomo signed legislation which made his position on the sharing economy painfully clear to New York City residents. Capitulating to the whims of the traditional hotel industry, Cuomo made history by adopting the nation’s strictest home sharing regulations, essentially banning the homesharing industry from operating within city limits.
The New York City hotel industry has experienced record declines over the last few years, which directly correlates to the rise in popularity of sites like Airbnb.
When it came to booking accommodations for one of the most popular tourist destinations in the world, consumers were more than happy to spend less to stay in bigger spaces with more amenities, such as kitchens and laundry facilities. For tourists on a tight budget, this allowed them the freedom to save money by cooking their meals instead of eating out, which can add up quickly in Manhattan.