New York legislation to cut Airbnb booking revenue in half

New York’s new legislation targeting illegal short-term rental activity is slated to slash Airbnb’s New York booking revenue in half. According to an article by Bloomberg, Airbnb and its users are on track to generate $140 million in booking revenue this year, from which Airbnb takes a roughly 15% cut. But come January when the new legislation goes into effect, Airbnb and its hosts can kiss at least $70 million of that goodbye.