The state of New York recently passed a law that fines homeowners $7,500 who advertise their condo for short-term rentals of less than 30 days. MarketWatch columnist Brett Arends isn’t a fan of the law.
The draconian new law they just passed against Airbnb isn’t to protect the middle class, the working class, quiet neighborhoods, respectable homeowners, or out-of-state visitors who don’t want to die in a firetrap.
The entire purpose of the law is to protect New York’s rich and greedy hotel operators at the expense of everybody else. It is to shore up their fat profits by banning a strong and growing competitor. That’s it.
The law does permit homeowners to be present while their home is being rented — in other words, those who rent out a single room in their home.
To Arends, the law if full of holes. The law’s supporters say the state has to ban these businesses because some of them don’t meet fire regulations or pay taxes. OK: How about you just regulate them and tax them, like everybody else? (Oh, yes: And if fire traps are really your concern, how come this 30-day limit? Are long-term renters flame-retardant?)