Regulation of Short-Term Housing Rentals in Spain: A Critical Review under Competition and Efficient Economic Regulation Standards Joaquín López Vallés1 Abstract; 1. Introduction; 2. Regulation of Short-Term Housing Rentals in Spain; 2.1. The First Regulatory Wave (2013-2017); 2.2. The Second Regulatory Wave (20172018); 3. Critical Assessment of the Regulation; 3.1. Legal Framework; 3.2. The Cost of Restrictiveness; 3.3. The CNMC’s Advocacy; 3.4. Some Insights; 4. Conclusions; References. Abstract The popularisation of digital platforms in the aftermath of the recent economic crisis led to a surge of short-term housing rentals in Spain. The regulatory response that followed this phenomenon did not reassess the need for traditional restrictions onto incumbent operators. Rather, regulators extended traditional restrictions to short-term housing rentals without a proper assessment of their necessity and proportionality. As a result, regulation has in some cases unduly restricted competition, favouring established business models to the detriment of consumers. The Spanish competition authority has made the case for efficient economic regulation. Keywords: Short-Term Housing Rentals, Efficient Economic Regulation, Principles of Necessity and Proportionality, Overriding Reasons in the Public Interest, Competition, CNMC. 1 Director of the Advocacy Department, National Commission for Markets and Competition (CNMC), Spain. The author of this article would like to thank Pilar Canedo, María Ortiz, Irune Solera and Lara Tobías for the helpful comments. The views expressed here are solely the author’s. Text delivered in March 2019, not reviewed by the author.
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