My money is on what happens every time governments stick their hairy knuckles in the delicate mechanics of the free market: the economy works around them.
IMO, in this case, it will foster a huge black market (because there's strong demand for the stuff) and make a stream of taxable income disappear underground altogether.
any black market feasible to replace airbnb will immediately be discovered by the authorities. The effect will be to greatly reduce short term rental of units that should be dwellings for people who live in those cities. Any system that replaces airbnb illegally will simply have police renting these properties and arresting everyone involved or seizing properties illegally being rented.
My money is on what happens every time governments stick their hairy knuckles in the delicate mechanics of the free market: the economy works around them.
IMO, in this case, it will foster a huge black market (because there's strong demand for the stuff) and make a stream of taxable income disappear underground altogether.