This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
Last week, the New York State Legislature sent a bill to Governor Andrew Cuomo’s desk that, if signed, would ban many Airbnb listings — specifically short-term rentals lasting fewer than 30 days — throughout the state.
While many short-term listings in Manhattan that offer an entire apartment are technically in violation of ordinances that were passed last year, these regulations are not yet actively enforced. But the new regulations would be statewide and could have an immediate effect on almost 2,000 rentals in the city and many more in the state as a whole.
The worst part? If signed, the Attorney General would have the power to impose hefty fines on individual hosts who continue to list their properties and homes, even if Airbnb’s site does not ban them. First-time violators would be fined $1,000 — that amount would increase to $5,000 for a second violation and $7,500 for any subsequent violations.
Airbnb says that this bill is bad for New York, period. “It’s disappointing — but not surprising — to see politicians in Albany cut a last-minute deal with the hotel industry that will put 30,000 New Yorkers at at [sic] greater risk of bankruptcy, eviction or foreclosure,” said John Meltzer, Airbnb’s head of public policy in New York.
So, what’s the other side arguing anyway? The bill officially states, “The legal prohibition against transient occupancy in these dwellings was instituted to ensure that all buildings comply with fire, building and other safety codes relative to their class.”
If you’re a New Yorker and have an opinion about this bill, let your legislators know, here.
With great transfer partners like United and Hyatt, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards