Airbnb Under Threat

As one of the largest cities in the world, New York has its fair share of housing options. New York City draws in thousdands of visitors each week, and many of these visitors spend their nights in hotel rooms. Unfortunately, those who live in or have visited New York City understand that like everything else in the city, hotel rooms are extremely over priced for what they are. Leave it to the millennial generation to come up with a solution. Enter AirBnb, which allows residents to rent out their homes, rooms or apartment. In hopes of integrating themselves into the ever changing 21st century economy, and avoid the legislation Uber and others had to deal with from New York City, AirBnb said it would ban New York hosts from renting more than one property, require online registration for hosts, ban users that break policies, and COLLECT STATE TAXES to expand the revenue of the government. But alas, it wasn't enough. Leave it to Governer Cuomo to enact legislation that would fine someone who provides a short term rental more than someone who has drunk driven. The $7,500 fine is supposed to be a response to complaints from hotel companies who have seen their wallets shrink after the websites establishment. AirBnb, not surprisingly has already started a legal battle to block this legislation, which if last year is any indication of the future, would cost the service 44,000 rentals. Airbnb has a tough battle ahead, but with consumer support, like Uber, the millennials will eventually get their way.