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.
Objectively, this policy should be good for what it purports to do: reduce housing prices for permanent residents. This policy actually impacts both supply, forcing these 10k units to either languish unproductive or return to market as rental units or for sale, and demand, reducing sales demand for conversion to short term rentals.
Now, will this actually make a huge difference? Probably not. It’s only 10k units at most that return to the market in a city of 1.6M that likely has a lot of demand.