Re:What Airbnb Did to New York City
by Spooky23 on Thursday March 08, 2018 @08:16AM
(#16544108)
NYC != Manhattan.
By taking residential units out of the market, affects of short term rentals are affecting rents in other boroughs as well.
NYC isn’t San Francisco. Rent control is a known quantity that has been around forever, as has been the lack of space in the NY Metro area. AirBnb and similar services bend the supply curve, hurting hotels and renters alike.
Short term rental growth didn’t create all problems, but it makes many worse.
By taking residential units out of the market, affects of short term rentals are affecting rents in other boroughs as well.
NYC isn’t San Francisco. Rent control is a known quantity that has been around forever, as has been the lack of space in the NY Metro area. AirBnb and similar services bend the supply curve, hurting hotels and renters alike.
Short term rental growth didn’t create all problems, but it makes many worse.