Report slams Airbnb in NYC for raising cost of housing

ALBANY, N.Y. – A report from critics of Airbnb says the vacation rental website is driving up rental prices and reducing housing availability in New York City.

The analysis published Monday comes from a researcher at McGill University in Montreal and was commissioned by the Hotel Trades Council, a hotel worker union. Several local neighbourhood organizations were co-sponsors.

The report finds that Airbnb listings have removed between 7,000 and 13,500 housing units from circulation in the past three years and increased the city’s median rent by $380 a year.

Officials have tried to combat illegal listings with fines for property owners.

Airbnb says many everyday New Yorkers use its site to temporarily rent space to make extra money. The company disputed the findings of Tuesday’s report and says the study’s methodology is flawed.