The Airbnb effect: why second homes have become so divisive

In early June 2023, the mayor of the Italian city of Florence announced an immediate ban on new short-term rentals in its UNESCO-protected historic center. The measure follows efforts by local authorities worldwide to regulate the expansion of Airbnbs, second homes and short-term rentals due to overtourism and a worsening housing crisis. CNBC examines the impact of the commercialization of housing and whether restrictions on short-term rentals can work.