Worth a read.
"Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse."
https://twitter.com/nickgerli1/status/1673774695693385728
The California Senate just passed a bill with an overwhelming majority to tax short term rentals at 15%. That's in addition to any local taxes, so in our area that would be 28.5% sales tax. Hotels would not pay the additional tax.
The State Assembly Housing Committee just decide to table the bill until January 2024.
If it were to pass, any rental with less than say 10% profit immediately becomes unprofitable. In most cases, long term tenants will not come close to paying what short term tenants do, so the result will be a lot of short sales and foreclosures.
Realistically, that will probably create a brief injection of cheaper housing.
[pet peeve: calling all STRs "Airbnbs." I respond, "Did you get a United to Chicago?" "Are you going to use public transit or get an Avis?" It's like when I used to tell people we had Wi-Fi, just no internet]