Santa Monica Bans AirBNB, all major cities follow suit.
Restaurants going out of business, families cannot afford to spend 1400 per night for a family of 4 vacation so they stay home and don’t spend money.
Local restaurants and business can no longer provide local kids jobs, then shortly go out of business due to no tourism.
Compare 2011-2014 restaurant sales during a down economy yet the tourism industry was booming. Now in an up economy due to local government restrictions on affordable vacation rentals, business are suffering.
Welcome to stupid at the local government level.
The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic.
That was the slowest September pace since 2007, when the national housing and mortgage crisis was hitting.
The median price of Southern California homes sold in September, $505,000, was still 3.6 percent higher than it was a year ago. That was the lowest annual gain for any month in more than three years.