How do you know?

It's not going to show up as hotels always 100% full.

If there was demand from 10,000 tourists, and there were 7,000 hotel rooms and 7,000 AirBNB properties, then you could have 5,000 (71%) of hotel rooms occupied and 5,000 (71%) of AirBNB properties occupied and you'd think there was no shortage of hotel rooms.

But there'd be no shortage of hotel rooms only because of AirBNB. The reality is that there'd be demand from 10,000 tourists and only 7,000 hotel rooms.

> Usually tourist cities don't have a hard time building new hotels. Building new housing can be tough.

Well tough on them. Lots of things are tough. I have no sympathy -- new housing should be built, end of story. It's not sending a man to a moon, it's just regular old governance.

It's very clear that many tourists want to stay in AirBNB's. This is a valid consumer preference to stay somewhere that feels more like a home, in a place that feels like a neighborhood instead of a busy downtown, with a normal amount of space rather than a cramped hotel room, and at less cost. It seems silly to say that's a bad thing.