[Sooth2222]

More than 10% of New York City housing units are vacant at any time. A number of them are (and have always been) pied-à-terres belonging to people whose primary residence is outside New York City or even in another country.

I am confident that billionaires are not going to be handing over the keys to their pied-à-terres to illegals!

My guess is that (if it goes anywhere) this is going to lead to a Renaissance of the sort of 19th Century tenement housing that made the Lower East Side famous. (Think 10 people living in one 300 square foot unit with one bathroom down the hall.)

[Sooth2222]

Where will these units come from? In addition to the supply of pied-à-terres and units undergoing renovation, there is also a supply of mothballed rent controlled units that are mothballed because the maximum allowable rent is less than the cost of the maintenance of the unit.

It doesn't make business sense to rent these units at the rent-controlled price.

But at $125 per night per person it could possibly be profitable for the landlord/slumlord.