From The Real Deal:
New York real estate brokers say demand for short-term leases has been intensifying recently, but a new law could soon infringe on their success. They blame the increased demand on a curious combination of economic vitality and caution. Employers are starting to hire again, so people are moving to the city and need short-term housing while they look for a permanent home, Gary Malin, president of Citi Habitats, told the New York Times. Simultaneously, employers and tourists are seeking ways to avoid hotel expenses. However, a state law scheduled to take effect next month will prohibit rentals of fewer than 30 days. Supporters of the bill, including the hotel industry and Mayor Michael Bloomberg, claim that it will assist in the crackdown on illegal hotels and preserve the quality of life and safety for permanent residents of apartment buildings.