We exploit the differential responses of Airbnb hosts to two distinct policy interventions in Berlin to shed light on the optimal design of policies targeting short-term rental platforms to mitigate rental market inflation. The first intervention, which affected commercial listings, significantly impacted long-term rental markets, unlike the second intervention, which mainly affected non-commercial listings. Leveraging these policy variations, we estimate the marginal impact of Airbnb on rental supply and rents. Each additional commercial Airbnb listing displaces 0.23 to 0.37 rental units and increases rent per square meter by 1.3 to 2.4 percent. This underscores the importance of targeting commercial listings when regulating short-term rental markets.

中文翻译：

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Airbnb 和租赁市场：来自柏林的证据

我们利用 Airbnb 房东对柏林两项不同政策干预措施的不同反应，揭示针对短期租赁平台的政策的优化设计，以缓解租赁市场通胀。第一次干预影响了商业房源，对长期租赁市场产生了重大影响，而第二次干预则主要影响非商业房源。利用这些政策变化，我们估计了 Airbnb 对租赁供应和租金的边际影响。每增加一个商业 Airbnb 房源，就会取代 0.23 至 0.37 个出租单位，每平方米租金增加 1.3% 至 2.4%。这凸显了在监管短期租赁市场时瞄准商业房源的重要性。