The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Stocks in Asia slipped in Tuesday afternoon trade, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
Skyrocketing New York rents are at least partly because of the rise of the home-sharing service Airbnb, a new study has claimed.
The report, released Tuesday, analyzed Airbnb activity between September 2014 and August of 2017 and was published by McGill University, but commissioned by the Hotel Trades Council and co-sponsored by local neighborhood organizations.
The study found Airbnb had removed between 7,000 and 13,500 units of housing stock from New York City's long-term rental market.
It calculated that by reducing supply, Airbnb activity had in fact increased median long-term rent in the city by 1.4 percent over three years "resulting in a $380 rent increase for the median New York tenant looking for an apartment this year."
The study further claimed that in Manhattan, the increase is more than $700.
Airbnb has questioned the methodology, noting that the report uses "available for rent" instead of actual booked nights in determining that listings have been removed from the long-term market. Airbnb has argued that many people don't update their listing availability.
Under New York State's Multiple Dwelling Law, short-term rentals of fewer than 30 days are illegal in buildings with three or more units, unless the owner is present. Private room rentals would also be unlawful if the owner wasn't there.
The report estimated that given those laws, at least two-thirds of Airbnb revenue in New York is likely generated from illegal listings.
In response to that charge, Josh Meltzer, head of northeast policy at Airbnb said in a statement Tuesday that the home-sharing service actually supports a change in the law.
"Although inconvenient for this author's anti-home sharing bias, Airbnb supports legislation that would restrict home sharing to one single home," he said.
"This would finally allow enforcement to focus on illegal hotel operators while protecting regular New Yorkers who are trying to make some extra money to live in a city that gets more expensive by the year," he added.
The study also refreshed an earlier study which looked at listings in 72 predominately black neighborhoods across New York and found that three-quarters of the Airbnb hosts in those areas were white.
The latest study suggested that Airbnb "continues to have a strongly racialized impact" as the loss of housing, which it blamed on the company, was six times more likely to affect black New Yorkers.