If people would just rent out their flats when they are not living there that would be fine. But people and corporations buy up housing and put them on Airbnb for above market prices. Suddenly you have no more place to live for the locals who have to work in the city. And a very high priced hotel room for the tourists.
Overpriced relative to a long-term rental in the same area.
Airbnb is a nightly rate that competes with hotel pries. Long-term rentals are a monthly rate that is usually much less than the nightly rate of a hotel or Airbnb.
Example: A hotel near my house is about ~$400/night. Or ~$12,000/month. Rent for a 1-bed apartment across the street is about $3000/month.
how is this functionally any different from a hotel? Do you complain that new hotel builds take housing away from locals, because presumably that hotel could have been residential housing instead?
