Potential effects of new NYC rental term restrictions on the real estate inventory market

[James2554]

Hi all,

As NYC's government imposes new restrictions on short-term rentals, making it much more difficult for hosts to rent their properties for less than 30 days, I want to get a sense of what effects those restrictions might have on the market. It seems that, as a deluge of apartment properties that hosts are unable to rent short-term invariably hit the rental market, prices could go down across the board. That said, it's unclear how to me how many properties might actually be hitting the market, and how big of a proportional effect that could have on the market as a whole as the vacancy rate rises. Does anyone have access to any data on roughly how many new rental units might be hitting the market in the coming months, and how that could affect the vacancy rate?

Thanks in advance for your help.

Best,

James

[Helen3]

As you have a massive shortage of long term rentals (one of the reasons for the introduction  of your STR legislation) @James2554 I doubt it will lead to any immediate fall in the LTR rates .

 And of course there isn't any data as yet as the new legislation vis only just being enacted ,