In my anecdotal experience in NYC+NYS the vast majority of buyers are investors, not homeowners. Properties are bought up to be flipped, added to the short term rental market, and/or bought as secondary/tertiary homes. I can think of a few things that would work toward resolving this that would not destroy existing homeowners.
1. Statewide bans on short term rentals
2. Huge increase in short term rental taxes to the point where it's barely profitable
3. Adjustable property taxes based on vacancy. Something like a 5x property tax multiple for 50% vacancy and scaling down to 1x for 5% vacancy.
These proceeds should go toward a public/private partnership to build more housing.
1. Statewide bans on short term rentals
2. Huge increase in short term rental taxes to the point where it's barely profitable
3. Adjustable property taxes based on vacancy. Something like a 5x property tax multiple for 50% vacancy and scaling down to 1x for 5% vacancy.
These proceeds should go toward a public/private partnership to build more housing.