I understand what you're saying but that doesn't contradict my point. If the appearance of AirBNB suddenly causes a housing shortage than there was presumably a lot of pent up demand for hotel-type space in the market that was being artificially restricted by hotel regulations, and the regional housing supply was fragile in the face of increased demand.

Across the world right now most major cities are struggling in the face of growth, but it doesn't really make sense that they should be. I live in San Francisco where housing supply is critically low, but our annual growth rate is only around 1%. It's deeply concerning that our institutions crumble and in the face of a 1% annual growth rate.