It seems to me that this change will have unintended effects and will fail to produce the desired results.
AFAIK rent in NYC hasn’t gone down since they changed their short-term rental regulations.
I might be naive, but I’d assume that the solution is to build more housing to increase the supply instead of curbing the demand?
Genuinely curious about others’ takes on this.
They’ve also added a land tax on second homes to disincentivize hoarding of property (though this has had some perverse effects, notably, reducing long-term rental stock and moving into the owner-occupier segment).
It’s too early to evaluate outcomes, but this general approach seems more sensible than an outright ban. Tax the activity to reduce it somewhat whilst generating state revenue to fund programs to mitigate the negative effects.