This paper investigates the unequal effect of Airbnb on the spatial organisation of economic activity in Madrid, Spain. Using establishment-level data from Madrid City Council and consumer-facing information from this short-term rental company, we find that Airbnb reshapes the urban space by encouraging tourist-oriented businesses, defined as businesses where tourists spend more than locals, at the expense of businesses primarily oriented to locals. These findings prove that short-term rentals do displace not only the local population but also resident-oriented businesses. Ultimately, our findings remain solid regardless of how we measure short-term rental activity and are not influenced by the growth of e-commerce or gentrification.

中文翻译：

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当本地企业逐渐消失：Airbnb 对经济活动地理分布的不均衡影响

本文调查了 Airbnb 对西班牙马德里经济活动空间组织的不平等影响。使用马德里市议会的企业级数据和这家短期租赁公司面向消费者的信息，我们发现 Airbnb 通过鼓励以游客为导向的企业重塑城市空间，游客导向型企业被定义为游客比当地人消费更多的企业，但代价是主要面向当地人的企业。这些调查结果证明，短期租赁确实不仅取代了当地人口，也取代了面向居民的企业。最终，无论我们如何衡量短期租赁活动，我们的研究结果仍然可靠，并且不受电子商务或高档化增长的影响。