Airbnb moves higher after New York City delays fining hosts for breaking new rules
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Airbnb (NASDAQ:ABNB) rallied on Monday after New York City agreed to delay until at least September the enforcement of a new municipal law requiring hosts of short-term rentals to register for an operating license. The online travel company had filed a lawsuit earlier in the month to block the new regulation.
As part of the legal back-and-forth in the case, New York City said it would wait until September 5 before issuing violations to hosts or imposing fines related to the new rental regulations. Attorneys for Airbnb (ABNB) and the NYC hosts have maintained the registration rules are overly complex and violate privacy rights because of the personal information that is required to be disclosed.
Airbnb statement: "While we are happy on behalf of guests and hosts whose summer plans and rentals will no longer be ruined by these rules, we hope the city will use the extra time to collaborate with us on a sensible alternative solution that will benefit hosts, tourism, and the local economy."
Shares of Airbnb (ABNB) rose 5.15% in afternoon trading on Monday to $123.93 vs. the 52-week trading range of $81.91 to $144.63. Over the last six weeks, Airbnb (ABNB) is up more than 17%.
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