Replication Package for "Short-Term Rentals and Residential Rents: Evidence From a Regulation in Santa Monica" (Working Paper Version)

<b>Note:</b> This is the replication package for the working paper version of this paper. The replication package for the published version is available at: http://dx.doi.org/10.6084/m9.figshare.26263979.<b>Abstract:</b> In recent years, there has been a significant increase in short-term rentals (STRs) facilitated by digital platforms such as Airbnb. This study evaluates the impacts of regulations imposed on these platforms, focusing on the Home-Sharing Ordinance implemented in Santa Monica, California. Using a Synthetic Control Method, the analysis finds that, two years after its implementation, the ordinance caused the number of Airbnb entire home listings to decrease by 60%. However, the study found no evidence that this regulation influenced long-term rental prices. Finally, suggestive evidence indicates that the ordinance did not increase the supply of houses allocated for long-term renters, potentially explaining its lack of impact on rents.