This sweet one-bedroom penthouse apartment in Williamsburg will be illegal to list via Airbnb of the new law passes. (photo via Airbnb)
If you’ve been pining for a budget trip to New York, you better hop on it.
The state’s short-term rental law (called the multiple-dwelling law, which went into affect in 2010) prohibits leaseholders from renting entire properties or units without occupying the space at the same time for fewer than 30 days. Basically, you can’t rent an entire apartment out on Airbnb, but you can rent a room as long as you’re there at the same time, and the renter is able to access the whole space. Now, subleasing to someone for a month? That’s cool.
According to data from Airbnb, about 60 percent of their New York City listings are actually illegal, with leaseholders offering entire apartments to renters. And the New York state legislature is ready to crack down on scofflaws, according to the Real Deal, which could mean fines from $1,000 to $7,500 for those who list entire units on short-term rental sites such as Airbnb and VRBO.
