Report Opposing the Short-Term Rental Bills

SUMMARY

In a joint report, the Committees on Cooperative and Condominium Law and Real Property Law expressed opposition to two bills known collectively as the Short-Term Rental Bills. This state legislation ostensibly permits New York shareholders, unit owners and leaseholders to rent their units on a short-term basis (less than thirty days) so long as they comply with certain New York City registration requirements. The report says that because nearly all New York proprietary leases and condominium by-laws – and many rental leases as well – prohibit such transient occupancy, the Short-Term Rental Bills affirmatively interfere with existing contractual obligations. An additional concern expressed in the report is that the legislation may create quality of life issues, as those who do not live full time in a building, and who have not been vetted prior to being permitted to stay there, may perceive they can treat the building as a hotel, and they cannot be expected to appreciate the responsibilities and obligations expected of permanent residents of these buildings.

BILL INFORMATION 

A.7848 (AM Wright) / S.5039 (Sen. Golden); A.7495 (AM Camara) / S.5637 (Sen. Savino) – would amend the definition of “class A dwelling” (NYS 2014)