Under Cuomo's bill, per Bloomberg:
The fines for those who advertise vacant apartments in a multi-unit building for 30 days or less could be as high as $7,500 for repeat offenders, threatening the company’s operations in the state. People are allowed to rent out a room in their house or apartment as long as they are also staying there.
The new law would apply to buildings with three or more units.
Leading up to this, ABC News reported:
State Attorney General Eric Schneiderman's office conducted an investigation of Airbnb rentals from 2010 to 2014. It found that 72 percent of the units listed in New York City were illegal, and that 36 percent of rentals came from commercial operators who made up only 6 percent of hosts.
In any event, I wanted to mention this data that ValuePenguin, a personal finance website, released on which NYC neighborhoods would be hit hardest if and when the fines take effect, as DNAinfo reported.
According to ValuePenguin, the zip codes 10009 and 10003 have a combined 418 full apartments listed on Airbnb, which would/will violate the state's new law ... taking two of the top-five slots citywide...
Last night, Reuters reported that Airbnb Inc and New York state are in talks to resolve the lawsuit.