NYC shuttered 80% of its Airbnbs in an attempt to make housing more affordable. All that's done so far is make hotels more expensive.

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• Last year, New York City began enforcing its near-ban on short-term rentals, including Airbnbs.
• As of June 24, there are just 2,276 legal short-term rentals, according to the city government.
• City officials say the law aims to ease the housing affordability crisis and boost the hotel industry.

Last September, New York City began enforcing its strict new regulations on short-term rentals. Since then, the number of legal short-term...