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Airbnb's Economic Impact on New York

New York

A new study reveals that Airbnb could be very good for New York. The hosting service generated $1.15B in "economic activity" to the city last year, and helps many New Yorkers pay their rent/mortgages. Airbnb has the greatest impact outside of mid-Manhattan and away from most of the city's hotels, UrbanTurf reports. 42% of the properties are in the rest of Manhattan, 32% are in Brooklyn, and 5% are in Queens. The Bronx and Staten Island have the least amount of properties with 1% and less than 1%, respectively. The service also supported 2,860 jobs in the outer boroughs. Other ways hosts are spending their Airbnb money include vacation, savings, extra spending money and other household expenses. It is worth noting that this study was paid for by Airbnb. [UT]

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