Airbnb says travel on its platform contributed more than $90 billion to the U.S. economy in 2024—a new record—driven by guest spending, host earnings, and related business activity across the country.
Airbnb also said travel on the platform helped generate more than $25 billion in total tax revenue last year, including $2.4 billion in tourism-related taxes collected and remitted on behalf of hosts.
In New York City, Airbnb listings dropped by around 80 percent following the enforcement of Local Law 18 in September 2023. The CRA study estimated that this contributed to the loss of 3.68 million guest nights over the following year and led to $197 million in lost host earnings. It also estimated $638 million in forgone guest spending and $82 million in lost tax revenue for the city and state.
"This forfeited economic opportunity comes at the same time that cities face growing deficits, putting jobs and municipal services at risk," Airbnb said.
The report said the economic effects extended beyond hosts. It estimated an $84 million drop in demand for cleaning services in New York and noted that reductions in short-term rental stays limited revenue for other third-party providers like laundry services and maintenance businesses.
The New York Mayor's Office of Special Enforcement, which enforces the short-term rental law, did not return a request for comment by publication time.
Last fall, City Council Member Farah Louis introduced a bill that could ease those restrictions and bring back some short-term rental opportunities for homeowners.
In Boston, New Orleans, and Philadelphia, similar economic patterns have been observed, according to CRA, which estimated that restrictions led to a combined loss of more than three million guest nights in those three cities over a 12-month period. In Boston alone, that translated to an estimated $153 million in lost host income under the light-regulation scenario, and up to $314 million in reduced guest spending across local businesses.
"The report also finds that hotels were the primary beneficiaries of strict short-term rental laws—at the expense of nearly everyone else: renters, visitors, local residents, and local governments," the report stated. "Ultimately, as travel demand remained strong, fewer accommodation options, particularly in New York City pushed hotel prices higher—forcing many guests to spend more on lodging and less in the communities they came to explore—all without a meaningful impact on housing affordability or availability."
According to Airbnb, travelers spent an average of $775 per trip on expenses outside of lodging. The company said these economic contributions reached all 50 states and were especially impactful in areas not typically served by hotels.
Airbnb noted it also reached its 2 billionth guest arrival in 2024 when a family from Wisconsin stayed at a property in Sandy, Utah.