All the sibling comments as of this writing are about the effects on long term rent prices. But I think the bigger issue is the effect on neighbors, especially

All the sibling comments as of this writing are about the effects on long term rent prices. But I think the bigger issue is the effect on neighbors, especially but not exclusively, in-building neighbors. Being in a rental building that's all people with at least one year leases is different from being in a building where a third of units are hotel rooms. It'd be one thing if the landlord had chosen to have that kind of mixed building and let renters know up front. But in a lot cases it is being done without the permission of the landlord and in every case it is being done without disclosure. At the block level, living on a block with residential housing is different from living on a block with four hotels. I'm in favor of loosening zoning rules, but as long as they exist we shouldn't reward people for breaking them. Not only does that encourage other anti-social behavior it also reduces the pressure to reform the laws.