- cross-posted to:
- [email protected]
- cross-posted to:
- [email protected]
Under the new restrictions, short-term renters will need to register with the city and must be present in the home for the duration of the rental
Home-sharing company Airbnb said it had to stop accepting some reservations in New York City after new regulations on short-term rentals went into effect.
The new rules are intended to effectively end a free-for-all in which landlords and residents have been renting out their apartments by the week or the night to tourists or others in the city for short stays. Advocates say the practice has driven a rise in demand for housing in already scarce neighbourhoods in the city.
Under the new system, rentals shorter than 30 days are only allowed if hosts register with the city. Hosts must also commit to being physically present in the home for the duration of the rental, sharing living quarters with their guest. More than two guests at a time are not allowed, either, meaning families are effectively barred.
This is less accurate as most recent residences built in NYC are “luxury” and not affordable.
That’s irrelevant because net increases to supply still move toward closing the supply/demand gap, and people further down the chain just move into vacated homes as people move into the new ones.
Yeah, that’s not happening. Those prices also go up. That’s because the invisible hand isn’t invisible. It’s greedy landlords jacking up rents.
Your theory is cute but it doesn’t match reality.
It’s not happening because demand still outstrips supply by a huge amount. What is happening when building occurs is a mitigation of cost increases, but the production is not not enough to lower costs .
The thing about supply and demand is that it exists even if you don’t like it.
Because owners aren’t selling their property, and why would they when they can keep it and rent it out either monthly or daily on ABNB?