I live in NYC. This is my understanding:

1. There's regulation preventing landlords from raising rents too fast; often capping it at a much slower rate than the market itself is increasing

2. Once a tenant leaves, the landlord is free to increase the rent a lot more to catch up with the market

3. Therefore, if someone is Airbnb-ing an apartment they have lease on and living somewhere else, this decreases supply and causes other apartments to go up more in step (2) to make up for it

Maybe this is wrong? If so, can someone correct me?