I think people are being rational.
In NY next year background checks will be required for ammo.
I expect half the ammo sellers to go out of business. Ammo prices will go up because now the cost of the background check time needs to be factored in. 10 minutes lets say per purchase at probably $10-$20 per hour for any purchase. The cost WILL be added to the ammo. I expect a 25-50% increase in the price of ammo.
A lot of people with minor arrest records or hunters with a checkered past are afraid they won't be able to buy, and everyone else realizes with the limited number of sellers and the fact NY states that ammo purchases will be monitored and if someone buys too much a state police officer will visit your home, they don't want to find out how much is too much.
The law doesn't say what is too much...