ALBANY – Advocates for technology-based companies say New York’s new law establishing heavy fines for illegally advertising short-term rental units on Airbnb and HomeAway.com is the latest example of the state’s apparent reluctance to embrace and accommodate the new economy.
The bill signed by Gov. Andrew Cuomo sets fines of up to $7,500 for each instance where hosts advertise apartments for short-term use when their rental is illegal under state or New York City laws. Airbnb is suing to invalidate the law (NYLJ, Oct. 24).
