Newly Signed Law in New York May Slow Down Airbnb Rentals

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Airbnb is a website which connects travelers looking for temporary rooms to rent with landlords and property owners looking to rent them out. Sometimes they’ll even rent out their entire home or apartment to a traveler too. But if you are planning on renting out an apartment in New York, you may want to reconsider.

New York Governor Andrew M. Cuomo just signed a new bill into law which will penalize any Airbnb host with steep fines if they break the housing regulations of their local community. This new law is sure to stop New York landlords from renting out their property through Airbnb.

According to New York law, you are not allowed to rent out an apartment to a renter for a term that’s less than 30 days. But many landlords have either disregarded this law or they never knew it existed to begin with. Since most Airbnb rentals only last for a couple of days, this means those Airbnb hosts were violating New York law by renting out their apartment for less than 30 days.

Under the new law, any landlord who advertises their property on Airbnb or any other short-term rental website could have to face a fine of up to $7,500, which gets imposed by their local government. So, you can bet that you won’t be able to find cheap rentals in New York if you are traveling there.

The reason the new law was signed was because state regulators believe Airbnb rentals make it harder for traditional renters to find affordable housing. After all, if every landlord just turned their apartment into an unregulated hotel, people looking for long term rentals would have nowhere to go.

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