Everyone usually frames this debate as compensating the little man instead of lining the rich pockets of the hotel industry. I have personally not seen this. I am a NYC condo owner and I do not know a single other condo owner that I have met that welcomes illegal short-term renters in their buildings. We enacted a $1000/day fine in our building against the owner on record if we catch someone doing this. We invested in real estate in this city and all signed contracts agreeing that only long-term subleases would be allowed (>= 12 months), and so we are upholding those contracts. Just because someone wants to visit the city and not stay in a hotel does not mean that all the other unit owners in a particular building want you there. It is not just a transaction between you and whoever hands you the keys. The last 2 Airbnb cases in our building were legal long-term subletters themselves listing the apartment on Airbnb without the owner's knowledge. There is so much straight-up illegal activity going on it's not even funny.
It's extra work for the management company / Board, but one of the primary drivers is that all the people in the building don't want a constant stream of people moving in/out. Expanding it to minimum 12-month leases means less disruption to people living in the building.
There is always a gap between someone moving out and the next person moving in; you need time to clean out the older renter and set up for the new. You have to do new paperwork, background check, etc. Every person you rent to has a chance of being a deadbeat; increasing your number of renters per year by 4x increases the deadbeat chance by the same amount.
Short-term renters do NOT treat the property the same as long-term renters, and renters in general treat property much worse than owners. It lowers the quality of life in the building when residents aren't on the same page.
I don't mean that I support NYC's blanket regulation, but any condo owner would have known the situation before they bought the unit. If they desired a income property they could have purchased elsewhere.
