You need to compare against the alternative, not just look at whether or not prices reduce YoY.
Objectively, this policy should be good for what it purports to do: reduce housing prices for permanent residents. This policy actually impacts both supply, forcing these 10k units to either languish unproductive or return to market as rental units or for sale, and demand, reducing sales demand for conversion to short term rentals.
Now, will this actually make a huge difference? Probably not. It’s only 10k units at most that return to the market in a city of 1.6M that likely has a lot of demand.
Objectively, this policy should be good for what it purports to do: reduce housing prices for permanent residents. This policy actually impacts both supply, forcing these 10k units to either languish unproductive or return to market as rental units or for sale, and demand, reducing sales demand for conversion to short term rentals.
Now, will this actually make a huge difference? Probably not. It’s only 10k units at most that return to the market in a city of 1.6M that likely has a lot of demand.