64 percent of Airbnb rentals in New York are illegal
April 22 , 2014
Most of Airbnb offerings in New York City may be illegal. The attorney general argued this fact before a court hearing. His office examined over 19,500 offerings on the site and found out that 64 percent of them were offered as entire apartments, whereas the law requires at least one permanent resident to be present during a sublease of less than 30 days.
It was also discovered that only five hosts posted more than 200 apartments. The stakes are significant since the company is valued at $10B, which is more than major hotel chains such as Hyatt.