Andrew Cuomo

New York enacts tough restrictions on Airbnb

New York state enacted one of the nation's toughest restrictions on Airbnb on Friday with a new law authorizing fines of up to $7,500 for many short-term rentals.

The measure signed into law by Democratic Gov. Andrew Cuomo applies to rentals of fewer than 30 days when the owner or tenant is not present.

Supporters of the measure say many property owners use sites like Airbnb to offer residential apartments as short-term rentals to visitors, hurting existing hotels while taking residential units off the already expensive housing market in New York City.

"Today is a great day for tenants, seniors, and anyone who values the safe and quiet enjoyment of their homes...