Earlier today, the State Assembly passed the bill through to the State Senate. The next step in the process is for New York State Governor Andrew Cuomo to either sign or veto it.

The bill would make it illegal to post a short-term rental on Airbnb that violates NYC's multiple dwelling law, which went into effect in 2010 in an attempt to target landlords who buy apartments and use them to operate illegal hotels. If the bill becomes law, anyone in New York who posts entire home listings on Airbnb for less than 30 days could be fined up to $1,000 for the first violation, and up to $7,500 for the third violation.

"It's disappointing — but not surprising — to see politicians in Albany cut a last-minute deal with the hotel industry that will put 30,000 New Yorkers at greater risk of bankruptcy, eviction or foreclosure," Airbnb Head of New York Public Policy Josh Meltzer said in a statement to TechCrunch.