Regulating short‐term rental housing: Evidence from New Orleans
Real Estate Economics, 2021, vol. 49, issue 1, 152-186
This study examines the effects of regulations targeting Airbnb and other short‐term rental (STR) suppliers in the urban center of New Orleans. I show that although the new ordinances reduced participation in the STR market as intended, STR usage actually increased in the neighborhoods adjacent to areas the most affected by the regulations. I subsequently show that the new regulations depressed property values in the neighborhoods facing the tightest regulations by approximately 30%, implying that homeowners factor into their housing purchasing decisions the option to participate in the STR market.
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