On September 29, a key House subcommittee held a hearing entitled, “How Sharing is Faring: Growth and Adjustment in the Sharing Economy.” The multifamily industry is increasingly dealing with the implications, both positive and negative, of peer-to-peer home sharing services like Airbnb. The concerns facing the industry were part of the discussions at the hearing, including tenant lease violations, on-site security concerns and property insurance implications.
While there are unanswered questions for our industry, and our economy as a whole, the sector is booming. Specifically, revenues are projected to be as much as $335 billion in a decade. With such incredible growth, Congressional and federal oversight is likely to increase.
NMHC/NAA will continue to monitor the policy implications for our industry as the regulatory and legal landscape of the sharing economy continues to take shape. NMHC will also be holding a discussion on Airbnb at its upcoming OPTECH Conference and Exposition being held from November 17 to 19 in San Diego, CA.
It is important to note that the House subcommittee hearing represents one of the first times that Congress is injecting itself into the policy arena surrounding this emerging issue.
- Court Rules in Favor of Short-Term Rental Regulation
- D.C. Council Votes to Restrict Airbnb and Similar Rentals in Nation’s Capital
- NMHC/NAA Amicus Brief Regarding Short-Term Rentals
- New York City Looks to Crack Down on Airbnb Amid Housing Crisis
- NMHC/NAA File Amicus in Case Regarding Short-Term Rentals