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.
In a written statement, Real Estate Board of New York president John Banks, III says, “This legislation is an important step toward stopping illegal behavior that takes precious housing units off the market, threatens hotel workers' jobs and hurts the quality of life for residents in our City's multifamily buildings. We would like to thank the Governor as well as the members of the State Senate and Assembly for addressing this critical issue.”
Josh Meltzer, Airbnb's head of public policy for New York, said to Quartz, “In typical fashion, Albany back-room dealing rewarded a special interest—the price-gouging hotel industry—and ignored the voices of tens of thousands of New Yorkers. We will continue to fight for a smart policy solution that works for the people, not the powerful.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
