New York City Clamps Down on Short-Term Rentals

"The New York City Council voted unanimously on Wednesday to significantly restrict Airbnb and other online home rental services, joining a growing movement of cities around the globe in stepping up regulation of the so-called sharing economy," reports Zoe Greenberg.

"The bill aims to prevent landlords and tenants from illegally renting out apartments for a few days at a time to tourists, a phenomenon that the city says has aggravated the housing crisis by making short-term rentals more profitable than long-term leases," adds Greenberg.

The article includes a lot more detail about the politics of the short-term rental business in New York City, as well acknowledging the precedents for New York's action in cities like San Francisco, New Orleans, Paris, and Barcelona.