Agree that regulation and zoning laws can be way better but I’m not sure how much more could be done about supply in NYC. The place is already one of the densest on the planet. Having an vacancy tax makes total sense too. Make sure that maximum available supply is actually being used.
The issue seems to be short term vs long term rentals and I’m not sure if I favor one over another for a place like NYC where a large part of the population has always been transient.