United States:
The Future Of Airbnb In New York
08 November 2016
Schnader Harrison Segal & Lewis LLP
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One of the most controversial and popular topics in real estate
today involves Airbnb, the online home rental service, and the
concept of transient rentals. In New York City, Airbnb's
largest market in the United States, this issue has come to the
forefront when on October 21, 2016, New York Governor Andrew Cuomo
took a firm stance on this issue signing into law one of the most
stringent measures in the fight against Airbnb. Proponents of the
Bill have argued that Airbnb has intensified the widespread issue
of affordable housing in New York, hurt the hotel industry and has
resulted in safety concerns for residents while opponents have
argued that the service has served as both an innovative solution
for tourists who don't want to pay the often hefty price of a
hotel stay, and for homeowners (or renters) who are looking to make
some extra cash by renting out their home, room, or couch (or even
a closet to store someone's luggage on an hourly basis).
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