Assuming the people who rent out apartments comply with the existing law, they will have to rent out at least 2BR apartments, the supply of which is already very low, and live in the 2nd bedroom while their guests are there. Do you really think that will have a large impact on rent?

On a side note, corporations already effectively do this. I lived in a building in Midtown that was at least 50% corporate housing and there were constantly people there for short stays and the rent increases were massive since the companies weren't price sensitive. However, afaik, that is legal.