VRMA Administrator
Proposed changes to short-term rental laws sparked a public debate between New York City officials and property owners. Hosts will be mandated to register properties with the city, including names of all permanent occupants and their relationship to the applicant, and provide a diagram of the listing, marking the parts allocated for rental and highlighting fire exits. Tenants who are leasing must also supply a lease, and applicants need to submit a government ID plus documents showing proof of occupancy; Airbnb and other platforms will not be allowed to process payments for unregistered listings. City officials have claimed that illegal rentals can be dangerous, remove property from an already strained market, and cause prices to appreciate. Airbnb counters that rentals give people a much-needed source of extra income in an costly real estate ecosystem, and hosts are complaining that the proposed rules would probably force their properties off the market, hindering their ability to cover mortgages and other expenses. Supporters of the new registration system cited apartments currently running like illegal hotels and the ability for co-op owners to post their building on a banned listings list. “Currently as is, this is an entirely unregulated market and the consequences have been disastrous for New Yorkers,” said New York State Assembly Member Zohran Mamdani at the hearing. The Office of Special Enforcement will review comments and feedback before the final law is enacted in January.
Bloomberg (12/05/22) Michael Tobin
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