It's a huge problem in Vancouver, as well. There's a huge housing crisis here, and there's a lot of factors involved, but real estate speculation and short-term rentals are substantial contributors.
There was a woman at a city council meeting a few years ago who lived in a building with around 10 units, and she said six of them were on AirBnB. When ever she checked, their (small) pool always had people in it she'd never seen before, and never would again. People buy places to live in and make a life in, and then half the building is party people.
For what it's worth, this has always made us extremely wary of AirBnB, and we do a lot of research for cities we visit before we rent an AirBnB somewhere. In Montreal they're regulated, so we had no problem there. In Reykjavik, we rented from a woman who was staying at her mother's place to take care of her pets while she (her mother) was out of the country, so our stay wasn't depriving anyone of housing.
Other places we go, where AirBnB isn't as well regulated, we're very particular and tend to go for hotels (e.g. Ottawa, Seattle) because we're very aware of how bad these kinds of systems can be for people.