Further, I think local laws and ordnances like this (if this carries outside of NYC) will disincentivize the view that housing is an investment vehicle and shif

Further, I think local laws and ordnances like this (if this carries outside of NYC) will disincentivize the view that housing is an investment vehicle and shift the view to it being a consumable. The proliferation of short term rentals has had negative effects on housing affordability across the country, so anything that helps pop this bubble is a net benefit to new homeowners. I couldn't care less about existing homeowners and declining property values in the face of increasing supply because owning your housing should be expensive, but not something that's unreachable with unsustainable asset inflation without similar real wage increases.