How current events impact business & real estate

Monday, February 08, 2010

Illegal Hotels in NYC, is Long Island next?

The Real Deal, which is my benchmark for this blog with respect to Long Island, is reporting that 4 state bills were introduced (this could not be independently verified), which if enacted, would make it illegal to rent apartments on a nightly basis. To read the article, click here.

Do you think Long Island will have similar bills enacted next?
Do the same issues present with houses as with apartments?
Remember, the Hamptons has a large problem with transient rentals, a topic that I am discussing in my next 2 articles in Homes of the Hamptons. The reader can always find links to my articles at the Lieb at Law website by clicking here.

While these 4 bills would make it illegal to rent for less than 30 days, the Town of Southampton prohibits rents of 29 days or less and the Town of East Hampton prohibits rentals of 14 days or less.
What should be the minimum time that you can rent your house / apartment?

Of note: transient rentals is also referred to as short-stays; daily rates; weekend rentals.

Interestingly, many have argued that this is a business move for the hotel and motel associations. Yet, do you want to purchase in a transient neighborhood for millions of dollars? I for one, don't.

But what about if you didn't intend this to be your plan (to be a hotel operator), but need to pay the mortgage?

On the other hand, what about permits, shouldn't they be required to protect the safety of tenants?

No comments:

Post a Comment

Share your thoughts and ask your questions here.

Only restrictions are no spam, discrimination, and/or harassing others.

By commenting here you assign us a irrevocable, worldwide, perpetual and royalty free license on your copyright to reproduce your comment, in whole or in part, as we unilaterally deem fit.