When the home-sharing platform Airbnb announced last month that it had submitted a draft registration statement to the Securities and Exchange Commission relating to a proposed initial public offering of its common stock, a good deal of the commentary that followed focused on the impact of the COVID-19 pandemic on Airbnb's operations and profitability. What should not be overlooked, however, is the effect that state and local regulations limiting and even prohibiting short-term rentals have had—and continue to have—on Airbnb and similar home-sharing platforms, the customers who use these platforms to advertise short-term rentals (referred to as "hosts"), and the short-term rental industry in general. These rules include not only those in effect before the pandemic took hold, but many that have been enacted in the months since.