New York City Implements New Law Requiring Landlords to Register Short-Term Rentals
Starting Tuesday, the short-term rental market in New York City will undergo significant changes as a new city law mandates that landlords register with the city to maintain their listings on popular platforms such as Airbnb and Vrbo. Violators of this law could face fines up to $5,000.
The law has provoked mixed reactions, with supporters and opponents voicing their concerns. According to supporters, this regulation will render thousands of listings across the five boroughs that are meant for a duration of 30 days or fewer null and void, thereby offering relief to the city’s strained housing market.
Gia Sharp, a homeowner in Sunset Park and co-founder of Restore Homeowner Autonomy and Rights (RHOAR), expressed her distress over the law, calling it “terrifying.” She believes that it will make it extremely difficult for homeowners to engage in any type of short-term rental activity.
However, Michael McKee, a member of the Coalition Against Illegal Hotels and part of the Tenants Political Action Committee, anticipates a positive outcome. He expects that thousands of units currently being rented on platforms like Airbnb will be returned to the residential rental market in the coming year, helping alleviate the city’s housing crisis.
McKee stated, “We are feeling very, very good about where we are right now. We have worked for more than a decade to get a law on the books of this nature.”
The responsibility for enforcing the law lies with the Mayor’s Office of Special Enforcement. The office stated on its website that it will collaborate with booking platforms, ensuring they utilize the city’s verification system and enforcing proper verification practices. They will also compel platforms to cease processing unverified transactions.
Airbnb, one of the major players in the short-term rental market, expressed disappointment in the new regulations. Theo Yedinsky, Airbnb’s global policy director, asserted that the company has attempted to introduce sensible home-sharing regulations. He contended that the new rules will have a negative impact on the city’s tourism economy, as well as the local New Yorkers and small businesses in the outer boroughs that rely on home sharing for additional income.
Yedinsky argued, “The city is sending a clear message to millions of potential visitors who will now have fewer accommodation options when they visit New York City: You are not welcome.”
Vrbo, another prominent short-term rental platform, did not comment on the new law.
These changes represent a significant shift in New York City’s short-term rental market. As the law takes effect, landlords and platforms will have to navigate the new regulatory landscape to ensure compliance and avoid penalties.