Airbnb Inc. urges New York City to revise Local Law 18, which has restricted most short-term rental listings since its implementation nearly a year ago. The company argues that the regulation, which requires hosts to be present in the apartment during stays of less than 30 days, the maximum limit of two guests simultaneously, and the licensing of the properties, has failed to address the housing crisis as intended. Instead, Airbnb claims that rents have continued to rise, leaving travelers with fewer options and higher hotel costs.

According to StreetEasy, rent climbed 3.4% during the first 11 months of the law, and according to Apartment List, Vacancy levels have remained virtually unchanged at 3.4% since the law took effect.

In a blog post, Airbnb’s Vice President of Public Policy, Theo Yedinsky, called for amendments to allow homeowners to rent out their properties again, which he says would boost local tourism and support residents. Despite efforts to challenge the law, a judge dismissed Airbnb’s lawsuit last year, and short-term rental listings have since dropped by 83%.

While the city has processed most of the license applications, only 38% have been approved. The Mayor’s Office of Special Enforcement has defended the law, saying it enhances housing law enforcement. Airbnb, however, maintains that the regulation has not improved housing affordability.

(source: fortune.com, bloomberg.com picture created using photos from: Oberon Copeland @veryinformed.comand Joe Taylor)