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The governor of New York State has ruled. Andrew Cuomo had until October 29 to sign or not the new law intended to regulate rentals on AirBnb and he has already signed it.
What does the new law provide?
This new law strengthens a 2010 law that was supposed to regulate apartment rentals in New York, but which was largely ignored by all apartment rental platforms, AirBnb in the lead.
This time, the new law directly attacks the owners’ wallets. Homeowners who post an ad on AirBnb to rent a New York apartment can be fined up to $ 7,500 if their advertisement offers the rental of their apartment for a period of less than 30 days when they are not present in the apartment during the tenants’ stay.
The new law takes effect immediately!
In which cases are apartment rentals allowed?
New York State only provides 3 cases in which an apartment rental is legal in New York:
– if the rental is longer than 30 days.
– if the rental is less than 30 days but the owner is present in his apartment for the duration of the tenant’s stay. It is therefore a question of renting a room with the locals and no longer of renting an apartment for oneself.
– if the apartment is in a building with less than 3 apartments, a very rare case in Manhattan.
What are the consequences for tourists?
The offer on AirBnb will be reduced
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The offer on AirBnb will be reduced
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With this new law that attacks the publication of ads, New York State is attacking landlords and rental companies who rented without respecting the 2010 law. It is an offense to simply publish an advertisement that does not comply with the law.
The consequence is simple: this time, many owners and rental companies will withdraw their apartments from sites like AirBnb to either turn to long-term rentals, beyond 30 days, or to return to traditional rental at low prices. New Yorker.
Above all, it will become more and more difficult to find an apartment to rent for the week, just for yourself. Or we’ll have to find the rare pearl, deep in Brooklyn or Queens. Another solution: agree to share the apartment with the owner and settle for a room with the locals. Those who are interested in an apartment so that they can have their own kitchen can also fall back on aparthotels. In any case, tourists will have to adapt.
Why did New York State pass this law?
The state and the city of New York want to put apartments back on the rental market for New Yorkers. As New York City attracts more and more residents, the real estate market is tight and, in recent years, many owners have preferred to rent their apartments weekly to tourists rather than monthly renting them to New Yorkers. A situation that can no longer last for the authorities. This explains the relentlessness on AirBnb and the vacation rental platforms and the fact that New York State has no intention of giving up ballast.
Moreover, the New York State attorney had revealed following an investigation that 37% of apartments rented in New York for the short term were managed by companies specializing in vacation rentals. Another figure: AirBnb offers 45,000 apartments in New York and has already deleted 3,000 apartments from its inventory. Not enough for New York State.
How will AirBnb react?
For its part, AirBnb had tried to coax the governor of New York by offering, last week, to better regulate seasonal rentals. Last minute proposals were therefore not enough. From now on, AirBnb intends to appeal the new law. A procedure that has very little chance of success, given the will of the New York State Senate on the issue.
It remains to wait for the first fines addressed to the owners. With the new law applying immediately, things could go very quickly!
What if you have already rented an apartment on AirBnb?
With the entry into force of this new law, many owners will withdraw their apartments from AirBnb and stop short-term rentals for tourists. Not sure either that they are taking the risk of renting to tourists as the fines start to drop.
My advice: take the initiative by booking a hotel with possible cancellation up to the day before your arrival. So, if the owner ever cancels your stay in his apartment, you will have a back-up solution and you won’t have to search for a hotel at the last minute.
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