Our growing desire -- and ability -- to live, work, and/or play in other places is, in my opinion, a powerful macro trend. We spoke about that here, here, and here. And one of the things that has obviously empowered this trend is the growth of short-term rentals.
But right now, the winds are not in favor of this model.
In September 2023, nearly a year ago, New York City enacted one of the strictest short-term rental laws to date, requiring hosts to be physically present while a dwelling is being rented. Yeah, that eliminates the majority of use cases.