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

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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.