New York is in the process of putting some steep regulations in place over short-term rental options like AirBnb. The state fears that the online rental booking options are taking business away from hotels, as well as taking apartments off the long-term rental market, which could drive up the housing prices for people who already live there.
In 2010 a state law went into effect that bans rentals of less than 30 days when the owner of the location is not present, but the law has not been highly regulated. Now the Democratic Governor Andrew Cuomo, is considering authorizing fines of up to $7,500 for people who break the law.
Many of the current AirBnb listings in the city already violate the law, so enacting a penalty could change a lot pretty quickly.
However, not everyone thinks the fines would be appropriate. Like Chris Lehane, who is the head of global policy for Airbnb in San Francisco.
“It’s baffling to us in this time of economic inequality that folks would be looking to impose fines of as much as $7,500 on a middle-class person looking to use the home that they live in to help make ends meet.”