This study focuses on legislative bans imposed on short-term rentals (STRs) and evaluates their effects on long-term rentals in Irvine, CA. We find that contract rental prices in the long-term rental market decrease by 3.0% within approximately 2 years after the enforcement of STR ordinance. The results are primarily driven by the supply side for long-term rentals. The decline in rents is more pronounced: (1) for long-term rental units that have similar property characteristics as those listed through Airbnb and (2) for those located in geographic areas with greater Airbnb exposure before the ban was enforced.

中文翻译：

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爱彼迎还是不爱彼迎？这就是问题所在：Airbnb 禁令如何扰乱租赁市场

本研究重点关注对短期租赁 (STR) 的立法禁令，并评估其对加利福尼亚州欧文市长期租赁的影响。我们发现，STR 法令实施后约 2 年内，长期租赁市场的合同租赁价格下降了 3.0%。这一结果主要是由长期租赁的供应方推动的。租金下降更为明显：(1) 与通过 Airbnb 列出的房产特征相似的长期租赁单位；(2) 位于禁令实施前 Airbnb 曝光率较高的地理区域的长期租赁单位。