@TechReport{iza:izadps:dp15706,
            	author={Gonçalves, Duarte and Peralta, Susana and Santos, João Pereira dos},
            	title={Short-Term Rental Bans and Housing Prices: Quasi-Experimental Evidence  from Lisbon},
            	year={2022},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={15706},
            	url={https://www.iza.org/publications/dp15706},
	abstract={We estimate the causal impact of a 2018 zoning reform that banned new short-term rental registries in some parts of Lisbon. The short-term rental licence expires when the house is sold, hence the ban removes the option value of short-term renting a property. We rely on two administrative data sets on short-term rental registries and real estate transactions, complemented with Airbnb data on listings and prices. We employ a difference-in-differences estimation taking advantage of the spatial discontinuity in the ban. We document a spike in newly registered housing units, between the announcement and the implementation of the ban. The reform decreases real estate prices by 8%, mostly in two-bedroom dwellings, for which the price drops 20%. We conclude that heterogeneous effects are key to understanding the backlash against short-term rentals. 
},
	keywords={Airbnb;policy analysis;housing market;short-term rental;Portugal},
            }