Another thing that has happened is that there are a lot of hotels are operating as migration shelters. I've heard something like 15% of hotel rooms aren't on th

Another thing that has happened is that there are a lot of hotels are operating as migration shelters. I've heard something like 15% of hotel rooms aren't on the market for that reason, and those rooms would have skewed toward the more affordable end of the spectrum. Also, regarding rents not going down. According to the MNS report for Manhattan [1], non-doorman studios are down ~1.2% from last year, and non-doorman one-bedrooms are up only ~.6%. Those are exactly the types of units that were commonly being set up as full-time Airbnbs. Also, Airbnbs were especially concentrated in neighborhoods that did see large drops in rents, like EV and Soho, so maybe it did have an impact. 1. https://www.mns.com/manhattan_rental_market_report https://www.mns.com/manhattan_rental_market_report