> In Barcelona, it used to cost €250 (£221) for a short-term rental permit. Now that such permits are no longer being issued, they change hands for up to €80,00

> In Barcelona, it used to cost €250 (£221) for a short-term rental permit. Now that such permits are no longer being issued, they change hands for up to €80,000. So, this is the same thing as the taxi market: with an inelastic supply, the price of a medallion in some cities was worth more than a house. And if you're familiar with taxis pre-Uber, you can bet the permit holders will start neglecting the properties to the point that noone wants to use the service anymore.