Subletting startup Kiki paid over $152K to settle charges after violating NYC short-term rental laws [TechCrunch]
Airbnb, Inc. - Class A (ABNB)
Company Research
Source: TechCrunch
However, Kiki's model violated local short-term rental laws, leading to its shutdown this past June. The New York Mayor's Office of Special Enforcement (OSE) announced on Wednesday that Kiki has agreed to pay over $152,000 to settle charges. Backed by Blackbird, the Airbnb competitor aimed to simplify the subletting process and boldly promised a solution that would let users sublet their spaces for up to six months. The platform used a matching system similar to those of dating apps, connecting listers and renters based on their preferences. However, the startup found itself on the wrong side of NYC's short-term rental laws. Specifically, Local Law 18, which was enacted in 2022. This legislation imposes strict guidelines on short-term rentals, allowing them only if the host is registered with the OSE as a short-term rental host and meets additional criteria, such as staying in the same unit as the guests. When the law was first introduced, many Airbnb hosts found the regulation
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ABNB
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