11 Hrs
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الاقتصادية
EU Law Targets Housing Crisis and Airbnb
The European Union is preparing to introduce new legislation known as the Affordable Housing Act, aimed at limiting short-term holiday rentals, such as those listed on Airbnb, in areas suffering from a severe housing crisis. Although these activities account for only 1.2% of European homes, they surpass 20% in some popular tourist destinations like Sorrento, Dubrovnik, and Portofino, exacerbating the shortage of housing and driving up prices for local residents. Cities such as Florence and Paris are facing legal challenges and protests from property owners and travel organizers, especially amid court disputes over the legality of these restrictions, with authorities seeking clarification of their powers from the European Union. Data indicate that the rise in house prices and rent—up to 66% since 2015—is partly attributable to the proliferation of short-term rentals, despite platforms like Airbnb denying responsibility, arguing that tourism boosts the local economy. The new legislation aims to find a balance that alleviates pressure on the housing market, with officials emphasizing the need to recognize local authorities' right to impose targeted restrictions, despite differences across European cities.
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