Will Airbnb Be Banned in New York?
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.
H/T: Forbes
TPG featured card
at Bilt's secure site
Terms & restrictions apply. See rates & fees.
| 1X | Choose to earn up to 1X points on rent and mortgage payments with no transaction fee |
| 2X | Earn 2X points + the option to earn 4% back in Bilt Cash on everyday purchases |
Pros
- Choice to earn up to 1 Bilt Point per dollar spent on rent and mortgage payments
- Elevated everyday earnings with both Bilt Points and the option to earn Bilt Cash
- $400 Bilt Travel Portal hotel credit per year (up to $200 biannually)
- $200 Bilt Cash annually
- Priority Pass membership
- No foreign transaction fees
Cons
- Moderate annual fee
- Designed primarily for members seeking a premium, all-in-one card
- Earn points on housing with no transaction fee
- Choose to earn 4% back in Bilt Cash on everyday spend. Use Bilt Cash to unlock point earnings on rent and mortgage payments with no transaction fee, up to 1X.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.