#airbnb has settled its lawsuit with New York City over short-term rental fines

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Airbnb has decided to drop a lawsuit that it had brought against New York City over a bill designed to outlaw advertising short-term rentals, according to The New York Times.

Assembly Bill AB 8704-4 prohibited advertising in “a class A multiple dwelling for other than permanent residence purposes.” The bill would allow authorities to issue up to $7,500 in fines for residences listed on Airbnb and similar sites, and housing advocates argued that the website was making it difficult to find affordable housing. Airbnb argued that the law was unconstitutional, and that it would “impose real harm on our community.” New York Governor Andrew Cuomo signed the bill into law earlier this fall, even after the company attempted to change some of its…

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