Have you noticed an increase in advertising for both Airbnb and the hotel industry?
This week we review the recent updates to the Airbnb saga going on in New York City. It is currently illegal to run a residential property as a Airbnb for under 30 days. If you are a host, you should be aware of the laws and possible liabilities you expose yourself to. We have many rent protection laws that could be used against you if you have a devious guest. There are possible fines from the DOB for you and the landlord. Under the proposed bill all hosts would need to register with the city and disclose all information. Airbnb would face a $1,500 fine per listing if they do not comply. The short term rental giant is fighting back citing internet privacy laws.
Do we need more regulation?
Is it driving up rents in our city?
Is the hotel lobby to blame?