Short-term rental supply may well be, though.

Indeed. I know someone who's being evicted from their flat in Edinburgh so the owners can rent it out for 3x the normal rent during the Festival. Of course, that doesn't cause them to vanish; they now have to find somewhere less convenient to live.

This is another example of how modern "elasticity" is pushed onto the people with least. Like zero-hours contracts.

May being the operative word.