The New York legislature passed a bill in early July that eliminates New York City apartment rentals that are less than 30 days. Many thought Gov. Paterson would veto this bill given his comments leading up to his decision. But in the end he did not. Critics say that the new legislation will harm tourism and really steps on property owners’ rights to do what they want with their properties.
Why did they pass this bill? It is targeting New York City apartment owners who erect temporary walls (which are illegal) in an attempt to attract tourists. The proponents of the bill argue that these short-term rentals are just not right during a city wide housing shortage. There aren’t many great options for budget minded travelers in a city where the average cost of a Manhattan hotel room is $210 a night.