SHORT TERM LEASES OUTLAWED
Effective May, 2011, under the New York City Administrative Code, Class A multiple dwellings are prohibited from being used as short term rentals. Under this law Cooperative Shareholders, Condominium Unit Owners and rental tenants may not lease or sublease their apartments for less than 30 days.
The intent of this law is to prevent hotel-like business practices and to provide added safety for residents.
The law does not disallow additional and more stringent terms being enforced by Proprietary Leases or By-laws.