The competition is not homeowners. As noted many times by others, the competition is "home owners" who use AirBNB to run undeclared hotels out of their buildin

The competition is not homeowners. As noted many times by others, the competition is "home owners" who use AirBNB to run undeclared hotels out of their buildings, evading the costs and taxes associated with a declared hotel. This obviously hurts other hotels, who cannot compete with such costs. Over time, this can (but not necessarily will) drive down hotel investment in upgrades and maintenance, making the city less attractive to visitors. This also hurts renters--rooms that would otherwise be rented out to long-term tenants (monthly or longer) are now instead "rented" out to transient visitors. This decreases the available supply of units to renters, driving up prices across the board.