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.
Prices may not go down on rents, but if it means that more folks who actually _want to live in the city_ can, I see that as a positive. I can see in NY the case where decrease in housing leads to folks being priced out and moving elsewhere (NJ, etc.)
Obviously not speaking with any data here.
Two categories where people don't want pricing to go down:
If you have plans to move and prices aren't falling everywhere, the proceeds of a sale aren't enough to buy elsewhere.
And if your bank owns the home rather than you, falling prices screw you over because you owe far more to the bank than you could make by selling.
That's covered by the case of "property values go down everywhere"; you only have a problem if your property value goes down but the value of property you want to buy doesn't.