Not surprised that NYC is overcorrecting once again. I work in the industry and out of 2500 apartments we estimate around 20 are tenants involved in short term rentals. The last two we caught were even people that rent multiple rent-stabilized apartments and run their own business on Airbnb. This not only puts a pressure on unit supply in general but also specifically removes affordable housing opportunities for those in need.

At least with the buildings I’m involved in, the bigger issue is the state removing any ability to raise rents on vacant rent-stabilized units. We have at least 60 units sitting vacant indefinitely because it would take over 5 years to recover the cost of fixing up the unit and getting it rented. This rule was meant to stop shitty landlords drom taking advantage of tenants but if their focus was on tenant protection laws instead of completely removing all incentives to invest capital in old units they wouldn’t have swapped one issue for another.

I’m sure there are legitimate uses for Airbnb that have now been completely eliminated and we’ll see unintended consequences down the line.

Mazel tov!

So they made the immigration minister the housing minister and now he wants to cut immigration? When all you have is a hammer…

Much appreciated

Those are all perfectly cromulent words