Housing legislation being considered in New York to make rentals of under 30 days and their advertisements illegal would cost Airbnb close to $500m per year, according to a report by American Action Forum. A fine of up to $1,000 would be applied to first time offenders, with 3 or more times seeing them rise to $7,500. The bill is expected to pass the state legislature this week, but it faces an uncertain future as some lawmakers have expressed concerns about its impact on local businesses.
Housing legislation being considered in New York to make rentals of under 30 days and their advertisements illegal would cost Airbnb close to $500m per year, according to a report by American Action Forum. A fine of up to $1,000 would be applied to first time offenders, with 3 or more times seeing them rise to $7,500. Proponents of the housing bill say that short-term sublets create security and quality of life issues.