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Tech

New York cracks down on Airbnb with new law

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Opening Sequence

Tech

New York cracks down on Airbnb with new law

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COMING UP:New York cracks down on Airbnb with new law

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Transcript

00:00:01
>> Belong anywhere Airbnb preaches. Well in New York City, its largest and most important market in the US, what constitutes anywhere just shrank. Governor Andrew Cuomo Friday, signing into law hefty new fines for hosts who rent out their apartments for illegal short term stays. Reuters legal correspondent, Dan Levine.
00:00:21
>> The problem lawmakers say they are addressing is affordable housing. They're concerned that companies like Airbnb encourage landlords to take long term rentals off of the housing markets. And instead rent those apartments out for night to night, short term rentals. And the law is meant to target units where the person doesn't live, but is putting them out on Airbnb, instead of renting them long term.
00:00:49
>> Airbnb says it filed suit Friday as soon as the bill was signed