[adrianmonk]

I think you can make a reasonable case that, if we have a recession, it will be OK for Airbnb. Maybe even good for them.

During a recession, people look for ways to economize, and one way is to downgrade housing. For example, people who did live alone will get a roommate, people will move to a smaller place, and some younger people will move back in with their parents.

If this does happen, then occupancy rates (for normal leases, not short-term rentals) will drop in many places, making landlords more interested in alternative ways to fill empty units. That could work in Airbnb's favor.

In a recession, people would also have less disposable income for travel. That will hurt Airbnb but it could also help them because travelers could prefer it as a cheaper alternative to a hotel. During recessions, budget-oriented businesses (like discount stores) tend to do better.