"NYC Airbnb Crackdown: Hosts and Renters Face Registration Backlog and Blocked Bookings"
Originally Published 2 years ago — by Business Insider
Starting September 5, New York City will enforce a 2022 law that restricts short-term rentals, impacting an estimated 40,000 listings. Hosts will need to comply with new rules, including staying on-site with guests and a ban on entire-unit rentals. Failure to comply could result in fines of up to $5,000 per stay. The crackdown aims to preserve affordable housing and address concerns about the tight housing market. While some hosts fear for their future, others see the new regulations as an opportunity.