For Tourism’s Recovery, NYC Needs Smart Home Sharing Regulation
COVID-19 has altered New York City’s economy in ways never seen before, with the greatest impact on the City’s tourism industry. Shops, restaurants, and small businesses have closed across the five boroughs due in part because of the low rate of visitors to the City. The lack of tourism has affected New York’s tax availability and support for working families. According to a recent report by the Office of the New York State Comptroller, 43 million fewer visitors to New York City resulted in the City’s tourism industry losing nearly 90,000 jobs and the City losing $1.2 billion in tax revenue.