Online short-term rental (STR) platforms such as Airbnb have grown spectacularly. We study the effects of regulation of these platforms on the housing market using a quasi-experimental research design. 18 out of 88 cities in Los Angeles County have severely restricted short-term rentals by adopting Home Sharing Ordinances. We apply a panel regression-discontinuity design around the cities’ borders. Ordinances reduced listings by $50\%$ and housing prices by 2%. Additional difference-in-differences estimates show that ordinances reduced rents also by 2%. These estimates imply large effects of Airbnb on property values in areas attractive to tourists (e.g. an increase in house prices of $15\%$ within 2.5km of Hollywood’s Walk of Fame).

Airbnb 等在线短期租赁 (STR) 平台增长迅猛。我们使用准实验研究设计研究了这些平台的监管对住房市场的影响。洛杉矶县的 88 个城市中有 18 个通过《房屋共享条例》严格限制短期租赁。我们在城市边界周围应用面板回归不连续性设计。条例将上市减少了$50\%$和房价上涨2%。额外的差异估计表明，法令也将租金降低了 2%。这些估计意味着 Airbnb 对吸引游客的地区的房产价值有很大影响（例如房价上涨$15\%$ 距好莱坞星光大道 2.5 公里以内）。