It seems logical that if someone owns property, they should have the right to use that property any way they choose as long as it doesn’t victimize others. Renting out all or a portion of one’s property on a short-term basis in and of itself is not victimizing anyone. It certainly helps homeowners to be able to keep their homes and get by during these difficult economic times. Also, it may benefit someone who’s only here temporarily for school, work, or a short vacation, which they may not be able to pursue if they had to stay at a hotel or sign a lease for a high-cost rental.
It’s unreasonable to assume that all renters are going to be a roudy noisance, and even if they were they would eventually be brought under control after receiving enough police citations. As for competition for the hotels and more formal vacation hosts, there’s most likely more than enough multimillionaires to patronize those places. It’s time to end the bureaucracy that caters to buzillionaires while oppressing ordinary folks.