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Should we ban AirBnB? Short-term rental regulation and housing prices
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Orientador(es)
Resumo(s)
In this paper, we analyze the impact of short-term rental on housing prices through
a quasi-natural experiment that exploits a ban imposed in 2018 by the municipality of
Lisbon in several of its neighborhoods. We rely on administrative data on the registries
of short-term rental housing units and neighborhood housing prices and sold quantities
in Lisbon and Porto to employ i) di erence-in di erences models and ii) event-study
designs. Our ndings document a sizeable peak in new registries during the period
between the announcement of the ban and its implementation, suggesting that agents
were able to avoid the restriction. We also show that the ban fell short on its claims and
validate the theory that buyers in the housing market value the option to participate
in the short-term rental market upon purchase.
Descrição
Palavras-chave
Airbnb Policy analysis Housing market Short-term rental