29th Jun 2010
New York City Sublet Ruling
New York City is considering new legislation that would make it illegal to sublet a residence for less than 30 days. The new law seems to be in response to the popularity of sites like Craigslist, AirBnB, Homeaway and others that allow residences to arrange short terms sublets.
The city is citing fire and safety concerns but there is also a question around taxes. The Hotel industry in New York City is heavily taxed and short term sublets allow visitors to skip this tax. Its not clear the popularity of these sites or the size of the short term sublet market.
New York City is set to vote on the issue this week and it will be interesting to see the impact this change has on the classified market.
New York City is considering new legislation that would make it illegal to sublet a residence for less than 30 days. The new law seems to be in response to the popularity of sites like Craigslist, AirBnB, Homeaway and others that allow residences to arrange short terms sublets.
The city is citing fire and safety concerns but there is also a question around taxes. The Hotel industry in New York City is heavily taxed and short term sublets allow visitors to skip this tax. Its not clear the popularity of these sites or the size of the short term sublet market.
New York City is set to vote on the issue this week and it will be interesting to see the impact this change has on the classified market.
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Classifieds
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