What You Need to Know About AirBNB in NYC

Every day, thousands of people come to visit New York City from all over the world. Given the high cost of hotel rooms in the city, NYC is the nation’s largest short-term rental market. To connect people looking for accommodations in the city with locals looking to rent their homes an online community marketplace was introduced – Airbnb.

Airbnb offers a platform to rent your home to people for short periods of time. This home sharing site provides ease of home-living convenience and lower costs of renting.

However, in New York City, Airbnb has disrupted private apartment buildings, cooperatives and homes, and it turns out that most Airbnb-type rentals here are illegal. A recent study discovered that more than half of all private short-term rentals on Airbnb seem to violate both state and local laws.

If you have a room or apartment you’re thinking of renting out, especially with the approaching holidays and even more visitors coming to the city – it’s wise to get educated on the laws and regulations for Airbnb in NYC!

In New York, city regulators have been investigating violations of building and safety codes and tax regulations. Federal litigation and state law making has lead to regulation and court battles, and in at attempt to prevent hosts from running illegal rentals, or hotels, stiff penalties have been enacted as of last year.

Today, it’s crucial to consult a law and tax professional to help determine the liabilities of your Airbnb listing in New York.

One of the laws states that, while hosts can still have listings at different addresses, Airbnb no longer permits hosts to have more than one listing at any single address in New York City.

It used to be un-hosted or hosted renting, however, hosts can now be fined up to $7,500 for listing properties on Airbnb for short-term rentals if the host is not present.

Almost all short-term rental units are now at risk for fines if the host fails to follow the New York City building code.

Airbnb has become a popular online community. If you own a home, and are considering short-term rentals, or boarders, you should stay abreast of the legal regulations and changes in law in your community.

With so many guidelines to keep in mind before listing your space on the website and becoming a host – it makes good business sense to hire a lawyer to review the zoning codes and laws of your neighborhood, town and state, and help you navigate through complex transactions and protect your assets and your rights.

When searching for a New York Real Estate Lawyer, the Levin Law Group is your source. Our experienced, competent real estate attorneys can assist individuals and business entities in a broad spectrum of residential and commercial real estate transactions throughout New York State.

Contact our real estate attorneys in NYC and other nearby areas today for all of your real estate property needs.