Sherwood News

75%+ of short-term Airbnb rentals disappeared in NYC

... And they haven’t come back.

8/30/24 4:21AM

Anyone who lives in NYC will tell you how hard it is to find a good place to rent… but now, even those trying to hire out a spare room in the city are struggling.

Last September, New York City enforced a long-debated and much-contested policy, known as Local Law 18, which placed regulations on unlicensed short-term rentals listed on platforms like Airbnb and Vrbo. These included banning all stays for periods shorter than 30 days if the host is unregistered, as well as requiring short-term hosts to be physically present for the duration of their guests’ stays and limiting the number of paying guests in any property to 2.

A wave of applications to become a registered host soon followed; however, of the 6,395 short-term rental applications that the Office of Special Enforcement received from March ‘23 to June ‘24, only a third have been approved. As a result, the number of short-term rentals on Airbnb in NYC plummeted sharply, per data from Inside Airbnb, while long-term rentals shot up 50%.

Today, the situation remains unchanged: as of July, there were only 5,044 short-term rentals on Airbnb in the city, and a massive 32,721 long-term rentals — 93% of which have a minimum-night stay at exactly the 30-day long-term threshold.

Regulatory scrutiny in globally iconic tourist hotspots like New York and Barcelona is an ongoing thorn in Airbnb’s side at a time when customer demand is waning, with the San Francisco-based company recently reporting profits in Q2 that were down 15% on the same quarter last year.

Max Knoblauch1h

Ford joins GM in backing off of its EV tax credit extension plan following GOP criticism

Ford, despite benefiting from an electric sales surge in recent months, is giving up on a clever accounting plan to extend the expired $7,500 EV tax credit to some of its customers.

Like its rival GM earlier this week, Ford on Thursday night confirmed to Reuters that it will not claim the tax credit, backing off from its short-lived leasing strategy.

The automakers’ plan was to extend the subsidy by using their financial arms to put down payments on electric vehicles already on their dealers’ lots in late September. Those transactions would qualify for the credit, and Ford and GM could pass the discount on to customers through leases.

But the strategy angered GOP senators, who last week wrote a letter to Treasury Secretary Scott Bessent accusing the automakers of “bilking” taxpayers.

Ford CEO Jim Farley last month said he expects the end of the tax credit to cut EV sales in half.

Exclusive: Ford reverses plan to claim EV tax credits, following GM

But the strategy angered GOP senators, who last week wrote a letter to Treasury Secretary Scott Bessent accusing the automakers of “bilking” taxpayers.

Ford CEO Jim Farley last month said he expects the end of the tax credit to cut EV sales in half.

Tom Jones

china crisis

Porsche’s problems in China just keep getting worse

Sales in the region fell by more than a fifth in Q3.

Vintage Paint-Chipped Silver Porsche Speedster

Max Knoblauch

19h

Delta, boosted by premium ticket sales, says customers who go Comfort+ don’t go back

Delta’s third-quarter revenue beat Wall Street estimates on Thursday, led by 9% growth in its premium ticket category.

Tom Jones24h

Domino’s just announced its first rebrand in 13 years — maybe a new, “doughier” font will help sales pick up

Shaboozey! Domino’s Sans! Hotter colors as a nod to the melty heat of a pizza pulled fresh from the oven!

In a buzzword-laden justification of its rebrand yesterday, Domino’s laid plain its new aesthetic direction, coined the term “Cravemark,” and announced it would be bringing the focus back to its food, having (at least in its executive vice president’s words) become known as “a technology company that happens to sell pizza” over the last decade.

It can’t go any worse than Cracker Barrel’s refresh efforts, at least...

The raft of changes, which will roll out across the US and other international markets in the coming months, includes a new “audio and visual expression” of the brand’s name (throwing a few extra M’s on the boxes and getting country/hip-hop artist Shaboozey to elongate the letter in a jingle); brighter packaging and hotter colors; “more youthful” team uniforms (company-color Salomons and an apron with “pizza is brat” on it, maybe?); and a new “Domino’s Sans” font, which is “thicker and doughier” and has circles and semicircles “in nod to pizza, with lots of personality baked right in!”

Domino’s is down about 2% so far this year.

Domino's® New Craveable Brand Refresh Makes You Say "Mmm" | Domino's Pizza

Domino’s is down about 2% so far this year.

Claire Yubin Oh10/9/25

Ferrari sinks after unveiling first electric car; 2030 strategic plan and guidance underwhelms investors after halving its EV target

Ferrari is 14% in the red in premarket trading after unveiling its first electric car, while simultaneously scaling back its electrification plans to focus on its petrol and hybrid lineup until 2030.

In an event at its headquarters in northern Italy, the company lifted the hood on its new, production-ready “Elettrica” model, finally offering a glimpse into the iconic carmaker’s progress on its EV plan, which was announced back in 2022. The Elettrica is due to be delivered from late 2026, per the company’s 2030 strategic plan.

Still, as Ferrari CEO Benedetto Vigna was keen to emphasize, “The EV is an addition, not a transition,” suggesting that the new electric model will complement, not replace, the company’s existing lineup.

In the carmaker’s 2030 plan, released later in the day, Ferrari disclosed that it aims for a lineup made up of 40% internal combustion engine models, 40% hybrids, and 20% fully electric cars by 2030 — dialing down its 2022 ambitions for electrification, when the targets for EVs and ICE models were flipped.

Though Ferrari has ramped up its hybrid production since 2022, shipments have plateaued in recent quarters.

Ferrari hybrid vs petrol engine — Sherwood News