Airbnb touts $632 million in economic benefits for New York

Following the home rental startup's dust-up with the state's attorney general office, Airbnb releases a positive economic impact report.

Airbnb

Airbnb, the peer-to-peer home rental company, says it brings in $632 million to the New York area over the course of a year.

The company released the report at a press conference Tuesday, according to Airbnb.

The rentals from Airbnb hosts have supported 4,580 jobs throughout all five boroughs, according to the study conducted by real estate and economic development firm HR&A Advisors. Additionally, the study said that nearly 90 percent of Airbnb hosts rent out the home they actually live in -- not one that is only for renting. And, Airbnb guests spend more time and money in New York than other tourists.

HR&A Advisors examined Airbnb's rental data for New York from August 2012 to July 2013.

While Airbnb has produced economic impact reports like this before, it's on the defensive this time as New York authorities continue to throw the law at the startup . New York Attorney General Eric Schneiderman and Airbnb have been at odds for the past year, but it came to a head earlier this month when Schneiderman filed a subpoena to obtain data on thousands of New York hosts.

The friction has spurred protests from Airbnb hosts who are petitioning to change what's become known as the "illegal hotel law," which puts restrictions on Airbnb hosts. The startup has already had a dust-up over the law in a case that it helped a host win .

The company previously released economic impact reports on Paris and San Francisco. Airbnb said it generated $240 million for Paris and $56 million in San Francisco over the course of a year.

 

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