Economists: Airbnb Crackdown Will Likely Cause Big Drop In Oahu Tourism
Oahu might suffer a 4% drop in tourism because of a new law to toughen restrictions on short-term vacation rentals, University of Hawaii economists predict in a quarterly economic outlook released Friday.
The prediction is part of a sobering outlook that continues the tone of previous recent forecasts by the University of Hawaii Economic Research Organization. While the view of a slowing economy is nothing new, the sudden elimination of thousands of accommodations from Oahu’s room inventory could have a particularly onerous impact, UHERO predicts.
Based on the most recent tourist data from the Hawaii Tourism Authority for the month of July, the predicted drop in visitors to Oahu would cause a drop of more than $30 million per month in direct spending by tourists.
The prediction is the most alarming part of a generally pessimistic economic outlook for next year. Although UHERO said construction remains a bright spot for Hawaii, it reports even that has seen a decline in growth.
Read more: https://www.civilbeat.org/2019/09/economists-airbnb-crackdown-will-likely-cause-big-drop-in-oahu-tourism/
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