Leakage of new supply to people who run new apartments as permanent Airbnbs instead of renting them out to locals. This also distorts the underlying value of t

Leakage of new supply to people who run new apartments as permanent Airbnbs instead of renting them out to locals. This also distorts the underlying value of the land, since you can make more money renting out on Airbnb than you can renting long term.