Dramatic changes to New York City’s short-term rental market will arrive Tuesday with a new city law requiring landlords with the city to maintain their listings on Airbnb, Vrbo or similar sites. Violators can be punished with a fine of up to $5,000.
Supporters and opponents of the law said it would likely invalidate thousands of listings in the five counties that were intended to last 30 days or less.
Gia Sharp, a Sunset Park homeowner and co-founder of Restore Homeowner Autonomy and Rights (RHOAR), said the prospect is “terrifying.”
“Because it significantly simplifies the gauntlet and makes it impossible for us to do short-term rentals of any kind anymore,” Sharp said.
However, Michael McKee of the Tenants Political Action Committee said he expected thousands of units currently being rented short-term on sites like Airbnb would “come back into the residential rental market” in the coming year, which in turn would help ease the problems to alleviate the city’s real estate crisis.
“We feel very, very good about where we are right now,” said McKee, who is a member of the Coalition Against Illegal Hotels. “We have been working for more than a decade to get a law on such books.”
Enforcement of the law falls to the Mayor’s Office of Special Enforcement, which stated on its website that it will “focus on working with booking platforms to ensure that they are using the City’s verification system, that all verifications are done correctly, and that the platforms are functioning properly.” Stop processing unverified transactions.”
In a statement, Theo Yedinsky, Airbnb’s global policy director, said the company had tried to create “sensible home-sharing arrangements.”
“New York City’s new short-term rental rules are a blow to the tourism economy and the thousands of New Yorkers and small businesses in the outer boroughs that rely on cohousing and tourism dollars to make ends meet,” Yedinsky said. “The city is sending a clear message to millions of potential visitors who now have fewer lodging options when visiting New York City: you are not welcome.”
Vrbo did not respond to questions about the new law.