Home sharing platforms have experienced a rapid growth over the last decade. Following negative publicity, many cities have started regulating the short-term rental market. Regulations often involve a cap on the number of days a property can be rented out on a short-term basis. We draw on rich data for short-term rentals on Airbnb and for the long-term rental market to examine the impact of short-term rental regulations with a day cap on various stakeholders: hosts, guests, the platform provider, and residents. Based on a difference-in-differences design, we document a sizable drop in Airbnb activity. Interestingly, not only targeted hosts (i.e., hosts with reservation days larger than the day cap), but also non-targeted hosts reduce their Airbnb activity. The reservation days of non-targeted hosts decrease between 26.27% and 51.89% depending on the treatment. Targeted hosts experience a similar decline. There is, nevertheless, significant non-compliance: more than one third of hosts do not comply with enacted short-term rental regulations. Additional analyses show that few properties are redirected from short-term rental to long-term rental use and that there is no significant drop in long-term rents. Drawing on a theoretical model, we tie the estimated effects to changes in stakeholders’ welfare: Regulations significantly reduce the welfare of hosts, and the loss ranges between 46.30% and 9.02%. The welfare loss of the platform provider is proportional to the loss of the hosts. Welfare of guests decreases moderately ranging between 4.5% to 4.1%. The welfare of residents increases minimal. These results question the effectiveness and desirability of the studied short-term rental regulations.

家庭共享平台在过去十年中经历了快速增长。在负面宣传之后，许多城市开始规范短租市场。法规通常会限制房产短期出租的天数。我们利用 Airbnb 上短期租赁和长期租赁市场的丰富数据来研究具有日上限的短期租赁法规对各个利益相关者（房东、房客、平台提供商和居民）的影响。根据双重差异设计，我们记录了 Airbnb 活动的大幅下降。有趣的是，不仅目标房东（即预订天数大于天数上限的房东），非目标房东也减少了 Airbnb 活动。根据处理方式，非目标主机的预订天数减少 26.27% 至 51.89%。目标主机也经历了类似的下降。然而，存在严重的违规现象：超过三分之一的房东不遵守已颁布的短期租赁法规。进一步的分析显示，很少有物业从短期租赁转向长期租赁用途，并且长期租金没有显着下降。借鉴理论模型，我们将估计的影响与利益相关者福利的变化联系起来：法规显着降低了东道主的福利，损失范围在46.30%至9.02%之间。平台商的福利损失与主播的损失成正比。宾客福利略有下降，幅度在 4.5% 至 4.1% 之间。居民福利增加甚微。这些结果对所研究的短期租赁法规的有效性和可取性提出了质疑。