Why is New York City cracking down on Airbnb?

Short-term housing rental industry giant Airbnb now lists more than 1 million rooms available in 190 countries. In New York, the debate over how to regulate short-term rentals is the most contentious. In light of a new report by the NY Attorney General that says nearly three-quarters of Airbnb's listings in the city are technically illegal, the city is cracking down.