This happened even in areas where holiday home ownership and rental was common as a business.
The failure of government to grapple with the negative effects of Airbnb is a separate thing. Airbnb are, in fact, in control of their own morality.
That is fair, but also misses the point. The issue with AirBnB is not that they are evil company and must be regulated. It's that they operate in a system where housing is an investment vehicle due to artificially constrained supply and tax system that is riddled with well intentioned and widely abused property ownership cuts. At worst they have accelerated the issue rather than caused it.
> Airbnb are, in fact, in control of their own morality.
Not entirely, they are a publicly listed company and will get sued if they do anything that will hurt the stock price.