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by hypeit
983 days ago
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> The problem is that it’s essentially illegal to build new hotels in NYC. 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. |
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We are not space constrained. Like in California, housing shortage is a policy choice by New York’s voters. (In this case, we chose to shift some of the burden onto tourists versus property owners.)