New York City could legalize hostels under a bill set to be introduced this week in the city council, the second attempt to reauthorize hostels after a state law made them illegal, according to the WSJ. A 2010 statute banning short-term apartment rentals targeting Airbnb inadvertently crushed the economics of hostels, leading most in the city to close.
- Worth Noting: The law had unintended consequences and restricted how hostels could operate. Hotel rooms around the city average more than $200 a night and the steep economics keep some travelers out.
- Be Smart: The city drew a record 65 million visitors with tourism bringing in around $68 billion last year. Hostels are known for dorm-like accommodations and favored by younger travelers looking for a cheaper stay.