I bought a home last year during peak sales season in a great neighborhood in a major tourist town at a very reasonable price that had been on the market nearly a week before I made my offer. How? Because my HOA explicitly forbids me from using the home as a STVR, which kept most interested buyers away. The desire to capitalize the house in the future is a major factor in rising home prices. I can do a long term rental, but no Airbnb.

Want to dramatically reduce upward pressure? Start passing laws that severely punish STVR activity and prices will come down.