Agree that regulation and zoning laws can be way better but I’m not sure how much more could be done about supply in NYC. The place is already one of the densest on the planet. Having an vacancy tax makes total sense too. Make sure that maximum available supply is actually being used.
The issue seems to be short term vs long term rentals and I’m not sure if I favor one over another for a place like NYC where a large part of the population has always been transient.
Honestly, I don’t understand what everyone has against short term rentals. It may be an unpopular opinion, but shouldn’t we let the market decide the best use of a space? For a city like New York that gets visitors and transient workers from all over the world, maybe it would be better for it to have lots of short term rentals. Ultimately the market would find an equilibrium between short term rentals, long term rentals, and owner occupied properties.
I do think there needs to be more regulation for the rentals though, probably similar to hotels. Any property being rented out should be subject to the same safety inspections and regulations.
Definitely agree that the free market can come up with some undesirable solutions which is where I think regulation comes in to “guide” the more desirable outcomes that can be found organically. Personally, I think maximum occupancy and increased supply should be the goal where there is limited supply like NYC. Things like a vacancy tax and better zoning could help a lot.
Also, I’m not sure that I trust the government to find the best use of space either, especially in the face of corporate lobbying. The current road/highway system being built to the detriment of public transportation is a good example where a government prescribed solution can have a negative impact decades later.