A weird quirk of America is that we are so obsessed with tourism that we are willing to sacrifice quality of life for people who live in one place, for the benefit of a bunch of people who visit for 3-4 days.
This is the peak of that thinking.
Would you like to set up a bet on this? We can use the average 1 br rent in NYC as the target. To protect against seasonal effects we'll take the min and max over a 1 y period before this occurs and after this occurs. You win if both are lower over 1 y than they are now. I win if both are higher over 1 y. If there's a mix, we call it a tie.
https://www.zillow.com/rental-manager/market-trends/new-york... can be our source
Rents will go down vs. where it would be otherwise. Almost nothing deflates in nominal dollars ever.
Hotels aren't blameless either. in my city they cancelled a ton of reservations and blamed a technical fault.. when really they wanted to charge more after a concert was announced.
https://www.irishmirror.ie/news/irish-news/taylor-swift-book...
airbnb has been banned and regulated heavily in a lot of places already. has this happened anywhere? all i see is rents keep going up
Forcing people to commute in from Jersey City is a huge net drain on NYC's economy.
That is not indicative of poor functioning.
It's like saying 'a well functioning human has a six pack and reads 20 books a week.' Like sure one can do those things, but I think it's probably true of neither of us.