VIDEO: This bill would slap fines on Airbnb users who list entire apartments

Locals would be barred from advertising units as less-than-30-day rentals

The New York state legislature is closing in on tighter regulations for the short-term rental start-up Airbnb. Last week, a bill was passed that would make it illegal to advertise entire apartments for rent for less than 30 days.

In New York City, it’s already against the law to rent units for less than a month if the owner isn’t present. The new bill would now make the act of listing the unit illegal.

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According to a recent analysis by The Real Deal, about 60 percent of Airbnb’s listings in the city are for whole units — meaning the owner isn’t home when the unit is rented out. If the bill is signed by Gov. Andrew Cuomo, those who post such listings would be fined $1,000 for a first-time offense, $5,000 the second time and $7,500 for any subsequent violations.

Advocates of the bill say that it will help to ease the affordable housing crisis in the city, those fighting it argue that regular New Yorkers depend on sites like Airbnb to help pay their bills.

Check out the whole story in the video above.

For more videos, visit The Real Deal’s YouTube page.