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Just a few hours ago, the New York State Senate passed a proposal that officially prohibits online advertising for short-term rentals in New York City.

Companies such as Airbnb, a global leading short-term rental company, are certain to suffer significantly from the ruling. Airbnb thrives off its short-term rental platform, as it offers an immense advantage for people whom wish to rent for a few days and vise-versa.

Airbnb spokesman, Josh Meltzer, calls it "a bad proposal that will make it harder for thousands of New Yorkers to pay the bills."

Throughout its extraordinary rise the past few years, Airbnb has successfully managed to lure people away from hotels and instead enjoy the amenities of apartment hospitality. Many hotels have experienced vast declines in their clientele. Legislators have remained in intense legal battles with Airbnb in an attempt to restrict its operations, and succeeded in doing so with today's newly passed proposal.

How does Airbnb and the industry respond? How should we regulate players in newly established markets?

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Cerco Funding LLC is a New York-based real estate private equity firm. Cerco acts as a direct portfolio lender originating commercial bridge loans nationwide. Cerco has extended capital for acquisitions, refinancings, repositionings, and a host of special situations.

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