• Sam Wood Jr

How does your NYC neighborhood react to the shared economy? Robert E. Cornegy, Jr. (NYC Council Member-36th District) featured content on the social media platform, Instagram, regarding the sharing economy and its positive impact on Bedford Stuyvesant. Tourists visiting New York City are saving money by staying in Bed-Stuy while utilizing sharing apps like Airbnb. What do tourists and consumers do with that savings? Local businesses are stating those savings are being spent in their local restaurant establishments. I frequently witness entire families of tourists spending time on Nostrand Avenue, German speaking college students having a late meal, and older couples hopping on the subway with cameras around their necks. Taking advantage of sharing apps like Airbnb, and spending time in these communities results in a more authentic New York experience. Just ask the people spending $300.00 per night in a Times Square hotel chain.


Lets not forget who is starting this entire positive local feedback loop... the homeowners. I was recently viewing townhouse/brownstones with clients in the Bed-Stuy and Crown Heights communities. I was surprised by how many homeowners utilize Airbnb to cover expenses. There are certainly situations where a homeowner can now pass on home equity to the next generation instead of selling. The homeowner is also hiring local cleaning crews. Those cleaning crews are buying cleaning supplies from neighborhood shops. This all contributes to Carnegy's narrative that supporting brick and mortar shops AND new app based businesses does not have to be mutually exclusive.


A version of this article appeared in the October issue of the Nostrand Avenue Improvement Association newsletter.

©2020 by Sam Wood Jr at The Corcoran Group

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