In October, legislators in New York City decided that Airbnb constituted a threat to rental housing stock in NYC, and took legal action to shut down a significant portion of its operations. The recent legal changes added onto existing NYC law, which already makes it illegal to offer short-term leases or under 30 days — one month, roughly — when the owners or renters are not present in that same building. This new law adds a penalty to even advertising for such month-to-month leases and subleases in NYC, with fines of up to $7,500.

Governor Andrew Cuomo and various departments in NYC, like the New York City Housing Authority (NYCHA), have their sights set on eliminating short term rentals of the kind often advertised on Airbnb NYC or NYC craigslist. But in doing so, they may be missing the mark.

Read more here