Youth British backpackers check-in in their bedroom at the Circus hostel Berlin on July 19, 2010 in Berlin, Germany. (Photo by Andreas Rentz/Getty Images)

NEW YORK (CBSNewYork) — The New York City Council is introducing a bill Monday that would make European-style youth hostels legal in the city.

Five years ago, a law that was aimed at curbing illegal hotels inadvertently put up restrictions on hostels, forcing many of them out of business.

A handful of hostels remain, but Feargal Mooney, CEO of the international booking website Hostelworld.com, said the city is missing out on “something in the region of $280 million worth of business.”

City Councilman Mark Weprin said he hopes the bill provides young tourists with an affordable lodging option.