WIRED article on NYC STRs and new law

[Michael Baum]

Here is an article on NYC's new law that has gone into affect - https://www.wired.com/story/airbnb-ban-new-york-numbers/

Here is the WIRED article from a couple of days ago about the law - https://www.wired.com/story/airbnb-ban-new-york-city/

Kinda general reading and there is a paywall after a few free articles.

[Don Konipol]

Quote from @Bruce Woodruff:

Not surprised at all given where this is....what they ultimately hope to gain is anyone's guess although we can assume that they want all those STRs to magically turn into LTRs....not that anyone can afford NY long-term rent prices anyway. But that's the way those types of minds think...."restrict and regulate....that'll fix everything". But it won't...they have bigger problems than Short Term Rentals..

The NYC government creates a housing crisis by enacting rent control/stabilization legislation, and then when the crisis occurs they further hamper the market by restricting rentals.  It’s all an work around for the confiscation of property…instead of just “taking” the property as the communists do, the “socialists” take away property rights while allowing private owners to remain on legal title for now unprofitable real estate.  And should a bull market create capital gains, the city and state have enacted a “flip” tax on properties that sell for over a certain amount, that amount now includes 95 % of the properties in Manhattan.  

Three quarters of the legislation in New York is to “correct” problems that were created by previous government regulations.