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by mastercheif
989 days ago
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The problem is that it’s essentially illegal to build new hotels in NYC. This is because NYC’s hotel labor unions successfully lobbied to enact a law requiring city council approval to build new hotels in the city. Effectively damning any new developments to endless hand wringing and grandstanding from NIMBYs and other interests. Many new hotels in recent years were staffed with non-union labor, this was their way to secure leverage in perpetuity. I’m sympathetic to the union’s position, but this law is going to damage the city’s economy and make NYC unaffordable for many wishing to visit. https://therealdeal.com/new-york/2022/12/09/how-special-are-... https://www.nytimes.com/2021/04/27/nyregion/hotels-tourism-n... |
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I really wouldn't classify this as a problem. It's completely possible today to book a hotel room in NY at all manner of price points. The prices are not noticeably different than anytime in the past few years.
There is a ton of hotel inventory in NYC. If I was a resident, I wouldn't even want more hotels built because the city is already full to the brim with tourists and lacking space for affordable residential property.