As the number of vacation rentals surges in New York State, some lawmakers are looking to create a statewide registry amid fears it's fueling the state's housing crisis. New York state’s housing crisis is a hot-button issue in this year’s budget talks. Some blame the explosive growth of vacation rentals as one of the reasons behind the shortage of affordable housing.
Some local municipalities, like Saratoga Springs and Albany, are currently working on implementing a similar registry on the local level. That’s because, unlike a traditional hotel, vacation rentals from providers like Airbnb and VRBO are not being taxed. Gov. Kathy Hochul is looking to level the playing field between hotels and vacation rentals. Her executive budget includes a proposal to require vacation rental marketplace providers like Airbnb and VRBO to pay sales tax, which her administration estimates would generate $16 million in annual revenue for the state.
Source: News Formal (newsformal.com)
Fahy Housing Shortage New York Saratoga Springs Statewide Registry Tax Vacation Rentals
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