Summary
From the article:
Six of the ten fastest-growing neighborhoods were high-Airbnb areas. The ten densest sat dead mid-pack, with 10.4% rent growth against a citywide median of 11.1%. Midtown, the most exposed big neighborhood in Manhattan with 776 banned listings, saw asking rents rise 14.6%. The places that lost the most Airbnbs got rent increases at or above the same rate.
I ran an event-study difference-in-differences: comparing rent trajectories in high-density versus low-density areas, within the same borough and controlling for new construction. To summarize, there was no notable effect size. The best estimate is that the ban saved the typical renter about $52 a year but with a confidence interval of -$71 to +$175.
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What the ban did do is erase a short-term rental economy that was grossing roughly $290 million a year and fracturing it towards hotels, New Jersey, the long-term market, and a drop in tourism. Airbnb activity in Jersey City and Newark is up 241% since the ban, picking up roughly $45 million a year in host revenue that used to be New York’s.