Enforced on Sept. 6 in New York City, Local Law 18 requires short-term rental hosts to register with the city.
Hosts are also required to reside in the same premises, and have only two guests at a time.
This law effectively bans Airbnb hosts and other short-term renters from letting out their properties, significantly affecting the tourism industry.
Rich Dad Poor Dad author Robert Kiyosaki predicts a real estate market crash due to Airbnb listing reductions and the potential sale of these properties.
While this may seem like bad news for current NYC homeowners, it is a great opportunity for new buyers, as Kiyasaki thinks, "it is the best time to get rich."
Among other insights, Kiyosaki has been a big advocate of investing in silver bullion rather than ETFs to hedge against inflation.
According to Kiyosaki, silver is the second most used commodity after oil, being used in jewelry, solar, and EV industries.
Whether it's investing in silver or real estate, the upcoming bear market is the "best time to get rich", per Kiyosaki.