Is airbnb distorting the market

[Will G.]

Wondering if airbnb is having an affect on the long term rental market by tying up so many housing units into short term rentals? Apparently there are 4 million listings on airbnb, which is many years worth of apt construction, now being used on short term basis. Anecdotal evidence; went to look at an acreage property, the 84 year old owner was telling me i could make a fortune with cabins on airbnb, which is a classic bubble warning sign to me, and checking availability of a place to stay in florida revealed hundreds and hundreds of listings with perfectly nice houses minutes from the beach for under$50 bucks a night! How does that even make sense?? You would have to rent it every day out of the month to beat long term rental income, plus the hassle of between booking cleanings, maint etc. Any body have short term stuff that may not be as active as you thought? And then what happens in next economic downturn when folks vacation less? 2 million rentals all go on the long term market at the same time?