Airbnb is an American company which operates an online marketplace and hospitality service for people. They are able to lease or rent short-term lodging through this platform.
However, the minimum rental period for private homes in Singapore is three months. This effectively means that Airbnb is largely prohibited in Singapore. And this resulted in two property agents facing harsh fines for breaking this law.
Terence Tan En Wei, 35, and Yao Song Liang, 34, pleaded guilty to 4 charges of illegally renting out four apartments in a luxury private condominium in Singapore. They managed to make $19,000 within a span of 2 months.
Originally to be fined $200,000 for each charge, they have received a lighter sentence of $80,000 per person in total.
Honestly…I don’t really understand what is the role of the 3 months for. Why are people not allowed to rent out their spare rooms for an extra source of income?
Maybe it is to prevent the rise of prostitution? Maybe it is to keep the hotel industry alive? Maybe it is to protect tourist from potential dangers?
Hang on a second…there actually seems to be a lot of benefits in that law…