NYC Local Law 18 in full swing
For those who don’t know, Local Law 18 officially entered into force earlier this year. The law requires anyone seeking to rent housing in New York City for less than 30 consecutive days to register with the Mayor’s Office of Special Enforcement. It’s the latest hammer from the city to crack down on illegal short-term rentals, but in fact the law could result in the removal of up to 10,000 Airbnb listings this year.
Registration requires hosts to demonstrate residency at rental properties, that the residence complies with safety codes and other conditions that would enhance enforcement of applicable regulations governing multi-unit and long-term accommodation . In the past, the city relied on individual complaints to manage short-term rental issues or relied on platforms to make the rules. However, under the new regulations, hosts who break the law could face fines ranging from $1,000 to $5,000.
As the city tightens controls on illegal rentals in an effort to protect housing availability for renters, new rules are causing heated disagreement. The new regulations could ease the burden on the city’s long-suffering tenants while hitting New Yorkers who make extra money by hosting their apartments on short-term rental platforms.