Some buildings won't take care of it (especially in situations where people are buying whole buildings to rent out), leaving their neighbors without much recourse without regulation.
I understand the argument for apartment buildings. If someone in your building buys/rents a unit, then puts it on airbnb, they decrease your security because strangers are going in and out of the building.
I do not understand the argument for an entire building. If I own a building, it should be my right to decide who stays there. As long as the airbnb guests are not throwing wild ragers, I don't see what argument the neighbors could have.
Most cities require hotels go through a permitting and approval process, usually in part to ensure things like security, parking, etc. are accounted for, and only allow them in certain areas zoned for such commercial usage.
Then you're running a hotel. And there are rules for that. Including zoning restrictions.
A whole rented building has the same problems (loud guests, people abusing shared spaces, etc) as a single apartment rented to short-term guests, but on a larger scale.
Yes, this will require some restrictions on how people can use their properties in some places. Keep in mind, though, that this arrangement is only possible with some sort of law or community regulation. Without this, any single individual can come in and deny this choice to everyone else living there.
I'd say that if it is very important to you to be able to short term rent your apartment or house, you should buy one in a community where it is legal. You should not impose this choice on neighbors who chose to live where it is not legal.