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New York’s crackdown on Airbnb began Tuesday

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Re: New York’s crackdown on Airbnb began Tuesday

#131

Post by listenallyall »

davewritescode wrote: post #2

> Opponents of the measure, though, claim that the new measure will do significant damage to the tourism industry in New York City — potentially driving would-be visitors to New Jersey Just LOL If you believe is that New Jersey is just waiting in the wings to take tourism from NYC I've got a bridge in Brooklyn available for a good price.

Of course NJ isn't get to take the majority of NYC tourists but for those who are in town go to a game at Yankee Stadium, or perhaps this week's US Open, or people who just have a business meeting near Wall Street, there are far more convenient and economical places to stay than midtown Manhattan, or Manhattan at all.

Re: New York’s crackdown on Airbnb began Tuesday

#132

Post by willio58 »

kbos87 wrote: post #85

I don’t doubt that Airbnb has had some effect on housing prices in many cities, but I suspect the effect of STRs isn’t quite as strong as people think it is. Desirable places like NYC have always been competitive markets to rent in, and we know that there’s a long term trend of migration toward population centers which is slowly making things worse. But there’s another factor that seems like it isn’t getting it’s fai…

Agreed. You can almost hear the hotel owners cackling and diving into their pools of cash after this crackdown started.

Re: New York’s crackdown on Airbnb began Tuesday

#133

Post by DANmode »

jiofj wrote: post #106
DANmode wrote: post #104

Earlier quoted context omitted.

According to the Rent Guidelines Board in New York City, as of 2020, approximately 44.6% of apartments in NYC are rent stabilized or rent controlled. However, it's important to note that within this percentage, there is a distinction between rent stabilized and rent controlled units. Rent stabilization accounts for the majority of this percentage, while rent-controlled units represent a smaller portion. The exact bre…

That doesn't answer the question, in case you haven't noticed.

It's the (intentionally, I'd imagine) best answer available.

Re: New York’s crackdown on Airbnb began Tuesday

#134

Post by fasthands9 »

HWR_14 wrote: post #96
fasthands9 wrote: post #27

Earlier quoted context omitted.

I think they just mean people will stay in New Jersey - which would be extremely plausible if NJ allowed more hotels to be built. Most of the tourist stuff in NYC is in midtown which is a 15/20 minute public transit ride from the port authority/penn station/broadway area. I have family that stays in Stamford Connecticut whenever they want to do stuff in NYC, because they find it cheaper/easier to stay there and take…

So tourists still spend all their time/money in NYC, with the exception of paying for sleeping accommodations (and taking up beds) there? Isn't that the ideal goal of this legislation?

Hotel tax is one of the easiest ways governments collect taxes from people who are not its own citizens - in NY its 6 percent.

I am understanding of the arguments against Airbnb's, but they really need to allow more hotels to be built. The amount of money they can bring in (raised entirely from people out of state) is large and shouldn't be thrown away.

Re: New York’s crackdown on Airbnb began Tuesday

#135

Post by thunky »

JumpCrisscross wrote: post #111
gorjusborg wrote: post #99

Earlier quoted context omitted.

I imagine disposable income is needed for some of those activities as well. Paying 3k for rent probably limits your options.

> Paying 3k for rent probably limits your options It’s around $2k after adjusting for not having to own a car [1]. Also, a solo studio is a luxurious way to live in New York. If you’re economising, you get roommates. [1] https://www.moneygeek.com/insurance/auto/analysis/costs-of-c... .

> It’s around $2k after adjusting for not having to own a car

You didn't add in the cost of taxis and trains.

> Also, a solo studio is a luxurious way to live in New York

A cramped crappy apartment with no bedroom is not luxurious just because it's more expensive than a crappier shared apartment with no bedroom.

Re: New York’s crackdown on Airbnb began Tuesday

#136

Post by JumpCrisscross »

thunky wrote: post #135
JumpCrisscross wrote: post #111

Earlier quoted context omitted.

> Paying 3k for rent probably limits your options It’s around $2k after adjusting for not having to own a car [1]. Also, a solo studio is a luxurious way to live in New York. If you’re economising, you get roommates. [1] https://www.moneygeek.com/insurance/auto/analysis/costs-of-c... .

> It’s around $2k after adjusting for not having to own a car You didn't add in the cost of taxis and trains. > Also, a solo studio is a luxurious way to live in New York A cramped crappy apartment with no bedroom is not luxurious just because it's more expensive than a crappier shared apartment with no bedroom.

> didn't add in the cost of taxis and trains

Sure, add back $200/month. It’s still night and day to owning a private car.

> cramped crappy apartment with no bedroom is not luxurious just because it's more expensive than a crappier shared apartment with no bedroom

I mean, my friend’s $5mm new build skipped on radiant heating. (And the marble was cut mid seam!) Clearly not luxury, eh?

In this case, the cost premium is prima facie evidence of private living conditions’ luxury.

Re: New York’s crackdown on Airbnb began Tuesday

#137

Post by solumunus »

wenc wrote: post #74
totallywrong wrote: post #70

Earlier quoted context omitted.

Just looked at prices out of curiosity. Tiny studios in Manhattan going for 3500. Not sure how people rationalize paying that for such small space. That's crazy to me, and I've lived in some very expensive global cities.

Location location location. I would pay $3500 if it meant I could live in NYC. (I'd rather pay less, of course)

It does mean that. Do you live in NYC?

Re: New York’s crackdown on Airbnb began Tuesday

#138

Post by balderdash »

nprateem wrote: post #88
balderdash wrote: post #68

Earlier quoted context omitted.

What portion of the housing supply would need to be Airbnbs to raise rents say 10%? I just can’t seem to get the math to pencil so that the amount of investor owned Airbnbs would make a meaningful impact on the rents/prices…

10%, or is this a trick question?

My point was more about quantities - assume 1:1 elasticity, there are like 11,000 Airbnbs in nyc (assume all investor owned / 100% dedicated to Airbnb), that’s like 0.3% of the housing stock in NYC. If you sold them all tomorrow it would be like one months sales.

My main point being that people expecting any sort of regulation on Airbnb to have an effect on pricing seems naive.

Re: New York’s crackdown on Airbnb began Tuesday

#139

Post by tmnvix »

balderdash wrote: post #138
nprateem wrote: post #88

Earlier quoted context omitted.

10%, or is this a trick question?

My point was more about quantities - assume 1:1 elasticity, there are like 11,000 Airbnbs in nyc (assume all investor owned / 100% dedicated to Airbnb), that’s like 0.3% of the housing stock in NYC. If you sold them all tomorrow it would be like one months sales. My main point being that people expecting any sort of regulation on Airbnb to have an effect on pricing seems naive.

Assuming 0.3% and also assuming a rental vacancy rate of 3% (typically reported in many cities), that is a 10% boost to available rentals - so yes, it's significant.

Re: New York’s crackdown on Airbnb began Tuesday

#140

Post by balderdash »

tmnvix wrote: post #139
balderdash wrote: post #138

Earlier quoted context omitted.

My point was more about quantities - assume 1:1 elasticity, there are like 11,000 Airbnbs in nyc (assume all investor owned / 100% dedicated to Airbnb), that’s like 0.3% of the housing stock in NYC. If you sold them all tomorrow it would be like one months sales. My main point being that people expecting any sort of regulation on Airbnb to have an effect on pricing seems naive.

Assuming 0.3% and also assuming a rental vacancy rate of 3% (typically reported in many cities), that is a 10% boost to available rentals - so yes, it's significant.

I think that’s the wrong metric, the velocity is much higher (20-30k new rentals/month which means all the airbnbs would consumed in like 1-2 weeks)
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