Airbnb drops lawsuit against New York City
Airbnb has dropped its lawsuit against New York City in what is being described as an "astounding about-face" for the online marketplace. Airbnb had been battling a law which made it illegal for residents to rent out their properties for fewer than 30 days. The company has agreed to cease legal action as long as the legislation is enforced against hosts and not the company. Airbnb opponents have said that some hosts turn "affordable housing into illegal hotels".

Airbnb has agreed to settle its lawsuit in New York, its largest market, in which it was pushing back against a newly passed state law that would have hurt its business, according to an article today in the New York Times. The move is seen as an astounding about-face on the part of Airbnb, and a win for its opponents in New York City who cite that some Airbnb hosts are simply 'turning affordable housing into illegal hotels'.

The short-term home rental service on Friday ended the lawsuit that it filed against New York City two months ago. The suit challenged a New York law that Gov. Andrew M. Cuomo signed in October, the article notes. That law called for fines of as much as $7,500 for illegally listing a property on a rental platform such as Airbnb.