The law was co-sponsored by Assemblymember Patricia Fahy and Sen. Michelle Hinchey. “This legislation will have national ramifications and accomplishes three major goals for New York’s estimated $1 billion short-term rental industry (STR) outside of New York City; it levels the playing field for hotels and motels by extending sales and occupancy taxes to STRs, creates a statewide registry to track STRs throughout the state, and establishes basic safety standards,” Fahy said in a press release Monday.
According to the release, there is an estimated $550 million in local revenue lost over the past five years. If Gov. Kathy Hochul signs the bill into law it would require property owners to register their short-term rental with the Department of State every two years and there will be a fee associated with registering rentals.
It is unclear what the fee will be at this time. The legislation would also require an evacuation diagram, emergency phone numbers for police, fire and poison control, a working fire extinguisher, records of guests to be kept for at least two years and insurance, including $300,000 for third-party claims of property damage and bodily injury. Hinchey said the law also addresses the housing crisis in New York.
“Housing supply is scarce everywhere, and the rise of STRs is strangling what little we have left, driving up costs and displacing families because they can no longer afford to live here,” she said. “Our bill to create New York’s first sta.
