If you are hoping to book a cheap stay just a short train ride away from the bustle of Manhattan, good luck finding an Airbnb in Jersey City . On Tuesday, Jersey City residents voted overwhelmingly in favor of stricter regulations on short-term rentals that will almost certainly shrink the number of Airbnb listings in New Jersey’s second-largest city. The new restrictions were a major defeat for Airbnb as it prepares to go public and the latest in a string of laws that cities around the world have passed to regulate the home-sharing industry’s explosive growth. The Jersey City regulations gained steam following concerns that the platform’s 3,000 listings, many run by large-scale investors, were pushing often-unruly tourists into residential areas, helping shoot up housing costs and accelerate gentrification.

Source: New York Times November 06, 2019 03:11 UTC