NYC Airbnb ban pushes bookings to New Jersey while rents and hotels stay sky high

https://datastream.substack.com/p/what-did-banning-airbnbs-in-nyc-accomplish

Ban from 2023 dropped NYC listings from almost 13k to around 1.6k today. Promised to return apartments to long term rental market and ease rents.Three years later rents in NYC up 11%. Hotels most expensive on record. Analysis finds ban gave back only months of normal housing construction supply.Event study shows no notable effect on rents. Best estimate saved typical renter about $52 a year but confidence interval includes zero or even higher rents.Ban hit harder on lower income non white hosts especially in Southeast Queens. Lost listings worth almost six months median income there versus two months in rich areas.Many listings converted to 30 day minimums or left platform. Some hosts lost side income. Tourism and World Cup visitors now sent to New Jersey.