Oct 25, 2016

Update on Short-Term Rentals

happy young couple opening door and welcoming friends apartment

On October 21st, Governor Cuomo signed into law a bill that allows fines to be imposed on persons who advertise short-term rentals such as those commonly marketed through Airbnb and similar services. The penalties available are $1,000 for the first violation, $5,000 for the second violation and $7,500 for third and subsequent violations. Airbnb challenged the validity of the law almost immediately in federal court but, unless its enforcement is enjoined or it is struck down, it will remain in effect. As we discussed in our prior memorandum dated March 4, 2015, titled “Occupants”, New York State law bans the… Read more

Sep 3, 2010

Recent Legislation on Short-Term Leasing and Powers of Attorney

Power of Attorney Paperwork

Two newly enacted laws in New York State affect cooperatives and condominiums:  one prohibits the leasing of apartments for less than 30 days; the second involves the effectiveness of powers of attorney which are often used in cooperative and condominium transactions.   Short-Term Leasing Chapter 225 of the Laws of 2010 prohibits the leasing of apartments in Class A multiple dwellings, which includes virtually all residential cooperatives and condominiums, for time periods of less than 30-days.  This effectively eliminates the use of apartments as hotel rooms, “bed and breakfast” accommodations or other short-term rentals.  There are some exceptions.  Non-family members… Read more