Evidently AirBnB is not the only problem here, and building more residential homes is needed. But
discouraging using housing as an "investment" which then discourages predatory housing practices
is exactly what is happening here. If you can buy an empty property & rent it out to tourists for a chunk of money -- with better returns than you can get on the stock market -- people with capital will cheerfully do that. Except now with these rules there's little point in them trying that in NYC.
Renters are free to continue to use AirBnB to continue to pay their rent (bans on subletting notwithstanding) as long as they're still living in it at the time.
Long term capital considerations re. investment in real estate are a separate issue. Historically, housing has not performed like this.
The horror.
https://www.bloomberg.com/news/articles/2023-09-05/airbnb-s-new-nyc-regulations-what-renters-and-hosts-need-to-know