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Airbnb Dealt a Major Blow in NY

NEW YORK CITY—In this its largest US market, a new law has been put into place that could drastically curtail the company's business here.

By Rayna Katz | Updated on October 24, 2016
Andrew Cuomo Gov. Cuomo has made it illegal to advertise the rental of a full residential unit for fewer than 30 days.

NEW YORK CITY—In a measure sure to appease landlords of multifamily buildings, Governor Andrew Cuomo on Friday signed a law that makes the advertising of a full unit for a rental of less than 30 days illegal.

The new leglislation—signed by Cuomo after being passed by the state legislature this summer—carries a hefty fine for violators: $1,000 for the first offense, $5,000 for the second, and $7,500 for the third, according to Quartz.com. However, renters who market a shared or spare room to those seeking home sharing are in compliance with the law.

Technically, the renting out of an entire apartment for less than 30 days already was illegal in New York State, but Airbnb and its customers typically have flouted that rule. The new law will make it easier for investigators to find perpetrators.

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