Bill Awaiting Signature by Governor Paterson Threatens Property Owner Rights and New York City's Tourism-Dependent Economy

New York State Bill S6873-B / A10008-B, if signed into law by Governor Paterson, will ban almost all short-term rentals (less than 30 days) in New York City. It will limit the legal rights of property owners to choose the length of lease to rent their properties for. It will prove devastating to those who earn their livelihoods in the industry. The bill will also have a substantial negative effect on New York City's tourism-dependent economy.

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The industry does not disagree with all aspects of the bill. The bill brings up real issues that call for regulation in the short-term apartment rental industry. However, this bill's broad sweeping nature is over reaching and will prove detrimental to NYC

New York, NY (PRWEB) July 22, 2010

Unless vetoed by Governor Paterson, bill S6873-B / A10008-B will render New York one of the FIRst cities in the world to forbid short-term apartment rentals, vacation rentals and bed & breakfasts.

New York City's position as one of the top tourist destinations in the world has been a financial boon to hotels charging exorbitant prices to tourists visiting the city. This financial burden imposed on tourists has led them to seek alternative accommodation options. As a result, over the past couple decades an industry has evolved.

For many tourists, hotel accommodations in New York City are cost prohibitive. However, the affordability of short-term rentals has made it possible for tourists of all budgets to come to New York, thus injecting their money into New York's economy.

The growth and success of the short-term rental industry has resulted in jobs being created for hundreds of local New Yorkers. The industry gives work to cleaning services, limousine services, the travel industry and many others. Outlawing this industry will have a profound and devastating effect on these groups, many of whom employ large numbers New Yorkers from the minority and immigrant segments.

Concerned New Yorkers have formed an alliance to stop the bill from becoming law. A website, Protect Vacation Rentals in New York, has been created to share information about the pending bill and to encourage people to contact the governor expressing the desire for him to veto the bill.

The industry, including New York Habitat, one of the premiere brokers of New York furnished apartments, does not disagree with all aspects of the bill. The bill brings up real issues that call for regulation in the short-term apartment rental industry. However, this bill's broad sweeping nature is over reaching and will prove detrimental to New York City.

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