It was only a matter of time, are we now going to see the same thing happening in other major cities across the world?
Hoping to find a cheap pad to crash while drifting through the Big Apple? You probably won’t be doing it through Airbnb. On Friday, New York Governor Andrew Cuomo signed legislation that levies steep fines on property owners who advertise short-term availability of their apartments and homes.
The legislation, which the New York state legislature passed in June, effectively strengthens New York’s existing laws on short-term property listings, which, as of 2010, prohibit apartments — defined as buildings with “three or more units” — from being rented out for less than 30 days. Owners found promoting listings which meet that criteria that category face stiff penalties: $1,000 for the first violation, $5,000 for the second violation, and $7,5000 for the third and every violation thereafter.