TY  - RPRT
        AU  - Gonçalves, Duarte
AU  - Peralta, Susana
AU  - Santos, João Pereira dos
        TI  - Short-Term Rental Bans and Housing Prices: Quasi-Experimental Evidence  from Lisbon
        PY  - 2022/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 15706
        UR  - https://www.iza.org/publications/dp15706
        AB  - 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. 

        KW  - Airbnb
KW  - policy analysis
KW  - housing market
KW  - short-term rental
KW  - Portugal
        ER  -