The Latest: NY Gov. Cuomo OKs fines for illegal Airbnbs

ALBANY, N.Y. (AP) - The Latest on a new law in New York state authorizing fines for illegal Airbnb rentals (all times eastern):

2 p.m.

New York Gov. Andrew Cuomo has signed into law one of the nation's toughest restrictions on Airbnb, authorizing fines of up to $7,500 for people who advertise illegal short-term rentals.

The Democratic governor signed the measure into law Friday despite a last-minute attempt to kill the proposal from Airbnb, the popular online short-term rental service.

The fines would be imposed on those who advertise a vacant apartment in a multi-unit building for 30 or fewer days.

Residents who rent spare bedrooms, row houses or single-family homes are exempt from the law.

Enforcing the law will be a challenge. Supporters say many short-term rentals are already prohibited by state and local laws.

Supporters say the law will help stop illegal, unlicensed hotels and protect affordable residential housing in New York City.

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9:51 a.m.

New York state may soon enact one of the nation's toughest restrictions on Airbnb, the popular online short-term rental service.

Legislation awaiting action by Democratic Gov. Andrew Cuomo before the end of the month would authorize fines of up to $7,500 for tenants and landlords who advertise rentals that violate a 2010 state occupancy law.

Supporters of the measure say many Airbnb rentals are already prohibited under that law. They say fines will help bring an end to illegal, unlicensed rentals that hurt local hotels and reduce the number of affordable apartments in New York City.

Cuomo hasn't said what he intends to do, and Airbnb is pushing hard for a veto. The San Francisco-based company has proposed regulations intended to prevent property owners from running unlicensed hotels.