Housing or investment? If nobody can afford to buy or rent there, they either end up being bought by overseas buyers as a money laundering effort, or they're turned into short term rentals.
Condos are not a great investment. High carrying cost and slow appreciation. Especially in new buildings. They used to get bought by Chinese buyers looking to park money overseas because domestic options were not great, but the party cracked down on that. Foreign buyers were always kind of an overstated boogeyman.
And short term rentals are a solved problem. NY just basically made them illegal. Since you can make those rule changes retroactively it's better to have the housing built already than the alternative.
Housing or investment? If nobody can afford to buy or rent there, they either end up being bought by overseas buyers as a money laundering effort, or they're turned into short term rentals.
Condos are not a great investment. High carrying cost and slow appreciation. Especially in new buildings. They used to get bought by Chinese buyers looking to park money overseas because domestic options were not great, but the party cracked down on that. Foreign buyers were always kind of an overstated boogeyman.
And short term rentals are a solved problem. NY just basically made them illegal. Since you can make those rule changes retroactively it's better to have the housing built already than the alternative.
What do you mean by "retroactively" in your second paragraph?
AirBNB was allowed, now it's not. I don't know if existing AirBNBs get to stay, but you could just as easily write the law so that they can't.