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At the same time, > 100 hotels are being used as migrant shelters, so supply is down, at the same time demand is up because the Airbnbs are gone. https://www.n

• anotherhue 2y ago
  This feels like the real answer. And profiteering of course.
  • snapplebobapple 2y ago
    It's more like both airbnb and migrant sheltering move prices in the direction one would expect but they are so small as to be rounding errors in effect since there's around 8 million housing units in the city vs maybe 40k airbnb listings. The real story is people want to live in NYC and NYC is doing a combination of underbuilding due to bad city regulation slowing redevelopment processes down and causing rental units to sit empty because of foolish city regulation around rent stabilization making it more profitable to just sit on an empty unit than to spend money on repairs and rent at the stabilized price (also the city is utterly failing to maintaining their almost half a million units of low cost housing). So instead of fixing the problem (getting rid of rent stabilization on units that are sitting empty if they are renovated to code to unlock the 10-20k units sitting vacant for this reason, repairing their low cost units, getting out of the way to bring the embarassingly low ~30k units built annually to a multiple of that) They screw over airbnb's to hurt tourism and maybe slow rent appreciation for a quarter or two.