Chamber CEO testifies at City Council: “We cannot host the world with a ‘closed’ sign on our door”

NEW YORK, NY – Today, Jessica Walker, President and CEO of the Manhattan Chamber of Commerce, delivered urgent testimony before the New York City Council in strong support of Introduction 948-A, a bill designed to introduce modest reforms to the city’s restrictive short-term rental laws.

Facing a City Council hearing room packed with small business owners and homeowners, Walker argued that the current regulatory framework (Local Law 18) has failed to improve housing affordability while inflicting severe collateral damage on the city’s economy—particularly in the outer boroughs and Upper Manhattan.

In her testimony, Walker expressed "shock" that the Administration’s representatives opposed the bill without acknowledging the massive accommodation crisis looming over the city for the summer of 2026.

“Between the 2026 FIFA World Cup and Sail 250, we project over seven million visitors will descend on our region next summer. To put that in perspective, that is more visitors than are projected for the 2028 Summer Olympics in Los Angeles,” said Jessica Walker, President and CEO of the Manhattan Chamber of Commerce. “Yet, we have only 135,000 hotel rooms citywide. By refusing to unlock capacity, we are effectively telling these tourists to stay in New Jersey and spend their dollars there.”

Key Highlights from the Chamber’s Testimony:

• A Supply Crisis: New York City has approximately 135,000 hotel rooms to accommodate a projected 7 million visitors for the 2026 mega-events. Hotel occupancy is already hovering near 97%, driving prices to record highs that exclude middle-class families.
• Economic Damage to Neighborhoods: The current ban has stripped an estimated $1.6 billion in visitor spending from the outer boroughs and crushed foot traffic in commercial corridors like Harlem and Washington Heights.
• Job Losses: The Chamber cited data indicating the city is hemorrhaging 21,000 jobs and nearly $1 billion in worker wages by cutting off the customer base that sustains neighborhood small businesses.
• A Surgical Solution: The Chamber emphasized that Intro 948-A is not a repeal of the ban on apartment building rentals. It targets only owner-occupied, one- and two-family homes, strictly prohibiting speculators while throwing a financial lifeline to working families.

“Other global cities have figured this out, implementing regulations that protect housing without destroying their tourism economy,” Walker added. “New York must do the same. We urge the Council to pass Intro 948-A immediately.”