Great AirBnB experience, literally no complaints, and no neighbors close enough to give us the stink eye (admittedly we were staying in the one that was in the middle of the three on that street). Mind you we were generally respectful and there for a very short time, not enough to really piss anyone off.
That seems sustainable to me, whether or not it's legal.
People AirBnB'ing their apartment in my current building (which has a 24 hour doorman/woman/person who pretty much knows everyone who lives there? obviously that shit wouldn't fly for long, never mind that it's flagrantly against the lease we all signed, there's no way to fly under the radar).
Also, the price is expensive for guests... but as host, AirBnb takes 20-30% commission and you don't get paid for empty times. There are lots of emptiness if you do short rents.
AirBnb is already self regulating quickly: You rent a property, the guests damage it, you're not renting it on airbnb again for the next decade.
Or you simply realize that it's not sustainable. Revolving door short sublets are, in fact, usually not sustainable.