Short-term rentals are common (and perhaps inescapable) in a city like New York and other popular destinations, despite laws that prohibit the rental of an apartment in a Multiple Dwelling for less than 30 consecutive days. Recently, however, there’s been a dramatic upsurge in such rentals, thanks to vacation rental apps that have made the transactions simpler and more attractive for tenants and travelers. How much of a problem is it and how should it be addressed?
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