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.
My take is that real estate sold to foreigners is the best kind of export. You sell the good to the foreign investor, but the good stays in place. From time to time that investor visits and drops money in the local economy. Most of the time the guy is not there, but pays taxes. Pays taxes but does not consume government services.