MAP: East Williamsburg would be fined the most by new Airbnb law
After Governor Cuomo recently signed into effect a bill that would impose fines of up to $7,500 on those offering illegal short-term Airbnb rentals, the company filed a federal lawsuit against the legislation, saying it would “impose significant immediate burdens and irreparable harm.” And according to an analysis from ValuePenguin, shared by DNAinfo, it’s East Williamsburg that would be hit the hardest by the new regulations. The personal finance website says that, as of October 1st, the neighborhood (zip code 11211) has 314 full apartment rental listings, which could result in $2,355,000 in fines. It’s followed by zip code 10003, which covers parts of Greenwich Village, Gramercy, and the East Village, the Lower East Side (10002) and Chelsea (10011).
The new stipulation to crack down on illegal hotel-type rentals was passed by the NYC legislature in June, piggybacking on what’s actually been state law since 2010–apartments can’t be rented out for less than 30 days if the lease holder isn’t present. A recent report estimated that 56 percent of the site’s 2015 listings fell into this category.
ValuePenguin points out that neighborhoods with an active nightlife scene and high concentration of millennials will be most affected: “The three villages (East, West and Greenwich) have about 620 full apartment listings amongst themselves, with potential fines reaching $4.65 million from those parts of the city.” The study’s author Craig Casazza also theorizes that East Williamsburg and Bed-Stuy’s micro economies and recent surge in tourism may be playing a part in their increase of full-apartment Airbnb listings.
[Via DNAinfo]
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