New York governor approves new regulations on Airbnb

New York Governor Andrew Cuomo approved legislation on Friday that would place new regulations on online home rental companies like Airbnb.

Existing New York state law bars most urban apartment-dwellers from renting out their units for less than 30 days if they are not present. The law recently passed by the state legislature would bar even advertising a rental that violates that existing law, which could help regulators crack down on Airbnb itself in addition to the users of its service.

Airbnb had previously said it would sue if Cuomo approved the bill.

(Reporting by Dan Levine; Editing by Leslie Adler)