Nation’s toughest restrictions on Airbnb now law in New York

New York Gov. Andrew Cuomo has signed into law one of the nation’s toughest restrictions on Airbnb, authorizing fines of up to $7,500 for people who advertise illegal short-term rentals.

The Democratic governor signed the measure into law Friday despite a last-minute attempt to kill the proposal from Airbnb, the popular online short-term rental service.

The fines would be imposed on those who advertise a vacant apartment in a multi-unit building for 30 or fewer days.

Residents who rent spare bedrooms, row houses or single-family homes are exempt from the law.

Enforcing the law will be a challenge. Supporters say many short-term rentals are already prohibited by state and local laws.

Supporters say the law will help stop illegal, unlicensed hotels and protect affordable residential housing in New York City.