Airbnb, hosts seek reprieve from New York state lawmakers

Airbnb hosts from around New York state have gathered in Albany to encourage lawmakers to roll back what amount to some of the toughest rules for short-term rentals in the nation.

Under a law signed last year, people who rent out their entire home for less than 30 days face the risk of hefty fines.

Supporters say the law is needed because some property owners are renting out apartments on Airbnb that otherwise would be homes for residents, reducing housing stock and driving up the cost of rent.

But Airbnb and residents who rent out their homes on the website say the fines are hurting everyday New Yorkers just looking to make a few extra bucks.

Airbnb is hoping lawmakers rescind the law and replace it with new regulations.