[lnrd]

That's very hyperbolized. It's still convenient to them, just less profitable. If they have mortgages less profit is better than no profit in all scenarios.

I knew an Airbnb host in Italy, he shared with me that by renting to tourist compared to the normal market prices to locals he would make 3 times more. It's a no brainer, but he would gladly accept 1/3 of that if the alternative is 0 (and he did during the pandemic when tourism stopped).