Airbnb Just Suffered A Major Loss In New York

SHANNON STAPLETON / REUTERS

The state just made it illegal to advertise your apartment on Airbnb for less than 30 days.

(Reuters) - New York Governor Andrew Cuomo approved legislation on Friday that would place new regulations on online home rental companies like Airbnb.

Existing New York state law bars most urban apartment-dwellers from renting out their units for less than 30 days if they are not present. The law recently passed by the state legislature would bar even advertising a rental that violates that existing law, which could help regulators crack down on Airbnb itself in addition to the users of its service.

Airbnb had previously said it would sue if Cuomo approved the bill.

(Reporting by Dan Levine; Editing by Leslie Adler)