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Airbnb Suffered a Big Defeat in Jersey City. Here’s What That Means.

Written by CRETech | Nov 7, 2019 12:00:24 PM

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.