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).
Please click here to read the full Alert.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
