[RC_ITR]

Yeah and on the flipside the price of rent will go down.

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.

[renewiltord]

> Yeah and on the flipside the price of rent will go down.

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

[RC_ITR]

It's so weird to me that people can claim to fully understand the concept of inflation and still expect prices to go down rather than the rate of growth to decrease.

Rents will go down vs. where it would be otherwise. Almost nothing deflates in nominal dollars ever.

[renewiltord]

Indeed. Which is why (and also that I think this is a minor factor in present rental prices) I think I'll make money off your claim that "Yeah and on the flipside the price of rent will go down."

[jddj]

You'll be pleased to know that isn't an exclusively or even particularly American trait

[lawlessone]

We have the same issue's in cities across Europe. And then some dim people blame refugees when they would rather be living in apartment or house.. but can't because those are on AirBNB.

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...

[tayo42]

> price of rent will go down.

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

[JamesBarney]

Regions do not support tourism for the sake of the tourist. They support tourism, because tourists spend lots of money which flows into the pockets of the people that work there. Tourists spend around 48 billion on the NYC economy.

[RC_ITR]

This is always such a weird argument to me, because you know who else adds to an economy? People who live and work there.

Forcing people to commute in from Jersey City is a huge net drain on NYC's economy.

[JamesBarney]

In a well functioning city you just build more buildings so you can have tourists and locals.

[RC_ITR]

In a resource constrained world, we have to make trade-offs.

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.