He charged it to them and they got it back in increased tourism.  

Yes some areas will be hurt like San Francisco and many areas that depend on tourism but many areas will continue to have high demand and low supply causing prices to continue to rise.

Towns and cities that depend on tourism like Las Vegas, Orlando, Miami,... will get hit harder.

That being said, we focus on micro units (1-2 guests max) and have no problem having our units booked every weekend with scattered weekdays.The sad thing is we used to be at nearly 95% occupancy in 2017-2019 but once everyone started joining the party and our city started throwing up tons of hotels to keep up with tourism demad, we dropped to more like 65% occupancy.Keep your head up, man!

Do you expect tourism to decline to that point?

And, there are $22B projects under construction, which will create thousands of additional jobs.A population growing at a sustainable rate (2.5% to 3%), limited land for expansion, and good-paying jobs will keep Las Vegas rents and prices increasing for the foreseeable future.Other factors will continue Las Vegas’ growth for the foreseeable future that I will not go into here.A question I frequently get concerns income reliability - the connection between jobs and tourism.

And the worst part is that it’s located in a tourism town, where 90% of the tenants work in industries that are shut down. 

@Rashid KhalilI own a few short term rentals myself in Tampa and think Tampa is a great market because of the consistently that is driven by the different types of tourism.

I doubt that the local governments in Southern Italy would ban short-term rentals as they badly need the tourism money so there might be opportunities there.

Currently, inventory is around 2.1 months and falling.What about single-family home distressed properties:Bank owned: 16, which is about 0.0029% of all single-family homesShort sale: 7, which is about 0.0013%Foreclosure stated: 7, which is about 0.0013%So, ignore the “experts” with click-bait titles and look at the actual data for the city you are considering.All the above said, short-term rentals are dependent upon tourism.