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Market
Will there be a significant decrease in the number of nonunion hotels operating in NYC by the end of 2024?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official records from the Hotel Association of New York City and other industry reports
Story
NYC Hoteliers Warn New Bill Will Drive Up Prices and Impact Nonunion Hotels
Jul 27, 2024, 12:49 PM
New York City hoteliers are raising concerns over a new bill proposed by the City Council that aims to regulate nonunion hotels. The legislation, which has been described as a 'nuclear bomb' by Vijay Dandapani, the head of the Hotel Association of New York City, is expected to drive up lodging prices and severely impact the hospitality industry. The bill mandates that hotels limit outside contracting and renew their operating licenses annually. A City Council hearing on the bill is scheduled for Tuesday. Critics argue that the bill is designed to please unions at the expense of the city's economy. The bill is sending shock waves through the country's third-largest lodging market.
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Similar markets
0-10 hotels closed • 25%
11-20 hotels closed • 25%
21-30 hotels closed • 25%
More than 30 hotels closed • 25%
Improved safety and operations • 25%
No significant change • 25%
Negative impact on operations • 25%
Mixed results • 25%
Manhattan • 25%
Brooklyn • 25%
Queens • 25%
Other • 25%
Safe Hotels Act compliance • 25%
Labor costs • 25%
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10 to 20 • 25%
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