Our town's leadership decided to intervene in the rental market by imposing a limit to the number of short-term rentals and putting onerous regulations on them. Most owners decided to sell instead of converting to long-term rentals. None of the houses being sold are affordable. Tourism events have been cancelled due to anticipated lack of housing for visitors. Small businesses laid off workers or went out of business because the demand for house cleaning and landscape maintenance went down. Mission accomplished!
Discussion
Good old government making a problem worse 😆it's the central government in this case. With all the other super rich people leaving the country perhaps there will be a housing crash🤷