Law is one of nation’s toughest measures targeting short-term apartment rentals
by Greg Bensinger
Market Watch
New York Gov. Andrew Cuomo signed into law one of the nation’s toughest measures targeting short-term apartment rentals, a blow to Airbnb Inc., which had recently sought to placate lawmakers in one of its most important local markets.
The law allows for fines of up to $7,500 for people who advertise rentals of 30 or fewer days, a violation in New York City since 2010. It applies only to apartments in multiunit buildings.
Airbnb responded Friday by saying it planned to file a lawsuit against the state. “We will continue to fight for a smart policy solution that works for the people, not the powerful,” Josh Meltzer, head of New York public policy for Airbnb, said in a statement. “We are filing a lawsuit in New York this afternoon.”