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Local Law 18: A Change to Short-Term Rentals In New York City
On Jan. 9, 2022, the New York City Council passed the Short-Term Rental Registration Law (Local Law 18), which directly impacts the ability of an individual unit owner to rent his or her apartment on a short-term basis, i.e., for a period of less than 30 days. The law took effect on Sept. 5, 2023.
This law now requires all short-term rental hosts to register with the Mayor's Office of Special Enforcement (OSE), which oversees the enforcement of Local Law 18. Although not a de-facto ban on all short-term rentals in NYC, Local Law 18 imposes significant and burdensome requirements on short-term rental hosts, which has already had the intended impact of severely limiting a host's ability to lease his or her apartment on a short-term basis. Under the new law, Booking Services (such as Airbnb, VRBO and booking.com) are prohibited from processing any transactions for an unregistered host.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.