From CNN Money:
On Friday, Governor Andrew Cuomo signed legislation that makes it illegal for people to list entire apartments on Airbnb and similar sites for periods of less than 30 days. The new law imposes fines of up to $7,500 for violating it.The bill, which Airbnb has fought strongly, had been sitting with Cuomo for several months. It took effect immediately.
The law’s proponents say it is aimed at people who use Airbnb to effectively turn their homes into hotels — and thus take potential rental housing off the market and deny cities tax revenue…
…But Airbnb released data in July showing that 96% of its hosts listing apartments in New York City have only one listing and that most are sharing their space infrequently.
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