Mexico City is imposing restrictions on real estate rentals through apps and online platforms like Airbnb to address rising home prices and “gentrification.”
Legislators have approved a reform that limits landlords to renting out their properties via these apps for no more than 50% of the year.
This reform aims to reduce “unfair” competition with hotels, according to a press release from the city’s congress.
By limiting the availability of tourist accommodations, the city hopes to balance the market, support the hotel industry, and preserve the character of neighborhoods overwhelmed by tourist-only housing, explained Cesar Guijosa of the Morena party, which governs both the city and the national government.
The influx of “Digital Nomads,” primarily from the US, has sparked numerous complaints from locals. Many choose to work in Mexico City due to its lower cost of living compared to US cities.
The reforms also ban the rental of government-built social housing to tourists on digital platforms.
Opponents of the reforms argue that they infringe on individual freedoms and property owners’ rights.
Source: Yahoo News
