The City Council passed a new law that requires home sharing organizations to disclose the information of those who have listings on their services. The decision was unanimous (45-0).
Airbnb is the most well known kind of home rental service. Under this new proposed law, the names and addresses of every listing will have to be shard to the city. It would be a fine of $1,500 per listing for the company if this information is not provided.
There was a recent backlash in 2016 after a law was passed by New York State to fine hosts up to $7,500 if they weren’t complying with housing regulations.
It’s a good time to remind yourself, as well as your tenants, about the rules and regulations there are, regarding home sharing, especially utilizing Airbnb.
- Class A multiple dwellings can’t rent out for under 30 days when the host is not present
- This includes buildings with three or more units.
- Special consideration should be payed to rent controlled units, which may have additional reequirements
- Be sure to include the income garnered by home sharing on your taxes
- It’s important to follow building codes
- It might be necessary for a zoning change or certificate of occupancy to be allowed
On Airbnb specifically:
- You can only list one full home on their website. If you list more than one, you will be forced to take down the excess, or be suspended or deactivated.
- $1,000 violation from New York State if you illegally list (for example a multiple dwelling that allows visits without a host present for under 30 days)