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NYC May Be Losing $155 Million Annually In Tourist Business Due To Rental Restrictions

NYC Hotel Room (credit: Al Jones/1010 WINS)

NYC Hotel Room (credit: Al Jones/1010 WINS)

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ALBANY, N.Y. (CBSNewYork/AP) - New York City may be losing as much as $155 million annually in tourist business because of new restrictions on short-term rentals.

That’s according to the Committee for Short-Term Rental Reform, a group that wants to revise new rules intended to crack down on illegal, unlicensed hotels.

The group said that the new law has been too broad, and had the effect of banning legitimate vacation rentals.

Pointing to similar money being made in London for the Olympics and in Saratoga Springs for the racing season, the group wants an amendment to regulate the short-term city-rental market.

Soon after the law took effect last year, officials moved against 15 illegal hotels.

In addition, city inspectors found one three-family house in Brooklyn occupied by 44 guests with no sprinkler or fire-alarm system.

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(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)