New York City has a full-fledged lodging crisis affecting the 65 million people who visit it every year for business or tourism. And, yes, it’s caused by the government.
The average price of a hotel room in New York City in September climbed to $417, the highest monthly rate ever recorded in the city. A king room on a Friday night this month at the St. Regis New York costs $1,854.
Such nose-bleed prices for what is often the equivalent of a broom closet didn’t used to be normal. What gives?
There are many reasons. This summer, one out of nine hotel rooms in the city were set aside for undocumented migrants.
New York has drastically restricted short-term Airbnb listings. More than 92 percent of Airbnb’s local listings were removed to comply with new regulations. At the same time, the city has closed 55 affordable youth hostels.
A new law is about to take effect that would ban most non-unionized hotels from contracting out tasks like housekeeping and security. The ostensible reason is to close down marginal hotels which have high rates of crime. This law will “make New York City the worst hotel market in the country,” says the American Hotel and Lodging Association.
Tourism is a major part of the Big Apple economy and now the pols are killing it. What comes next? Another federal bailout? Drop dead!