{"id":35034,"date":"2022-12-26T22:04:58","date_gmt":"2022-12-27T03:04:58","guid":{"rendered":"https:\/\/www.jackjaffa.com\/?p=35034"},"modified":"2023-01-25T22:20:59","modified_gmt":"2023-01-26T03:20:59","slug":"new-law-on-short-term-rentals","status":"publish","type":"post","link":"https:\/\/www.jackjaffa.com\/new-law-on-short-term-rentals\/","title":{"rendered":"New Law on Short-Term Rentals"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Short term rentals getting the short end of the stick?<\/strong><\/p>\n

Everyone\u2019s looking for ways to make a quick buck these days, and renting out their apartments to vacationers on Airbnb or another short-term rental platform is an easy way for New Yorkers to pad their pockets. But renters and property owners need to know that this process is about to become a lot more complicated, thanks to a new law going into effect in 2023.<\/p>\n

Here\u2019s what you need to know about the new law as a NYC building owner.<\/p>\n

What is the new law?<\/strong><\/p>\n

Local Law 18 of 2022 requires hosts to register their apartment with the city before renting out their homes for less than 30 days. LL 18 will be going into effect on January, 9, 2023.<\/p>\n

What are the requirements for LL 18?<\/strong><\/p>\n

The Short-Term Rental Registration Law requires all short-term rental hosts to register with the Mayor\u2019s Office of Special Enforcement (OSE). If the application is approved, the OSE will issue a registration number for the applicant. Booking platforms like AirBNB will need to verify the registration number of any unit before listing it for rent. There will be penalties of up to $5,000 for both hosts and booking services who do not comply with LL 18.<\/p>\n

Short-term rental listings for units in Class B multiple dwellings, which have been approved by the City of New York for legal short-term occupancies, are exempt from the registration requirement.<\/p>\n

Can anyone register an apartment?<\/strong><\/p>\n

The law limits registration of host-apartments to people that occupy a unit of housing. The OSE cannot grant a registration for rent-regulated and NYCHA units. Registration requests will also be denied for all buildings on the Prohibited Building lists, created by owners who notify the OSE that short-term rentals are not allowed in their buildings.<\/p>\n

Are there any additional requirements for short-term rentals in NYC?<\/strong><\/p>\n

The new law, requiring hosts to register their apartments before a short-term rental, does not nullify these existing laws for short-term rentals in NYC:<\/p>\n