Airbnb as a company fascinates me. I think month to month rentals fit perfectly into changing consumer habits with younger generations.

My main concern is actually regulation.

I saw a news article highlighting the housing shortage in New Orleans which was largely driven by an absurd number of Airbnb's in the city that weren't being permanently lived in. Does this get regulated to ease RE price inflation? Will regulation hurt? Will it hurt a lot?

Forward multiples are starting to get pretty interesting.

Any thoughts here?