Airbnb is no longer a thing where you rent your house during your yearly family vacation; people invest in properties specifically for short term rents.
This increases the revenue from the property considerably driving up the prices further and in many places you see them buying up properties that no one would be willing to live there for more than a few days.
At least in London it's not uncommon to see 1 bed/studios that don't meet regulations e.g. no white appliances, no kitchen, smaller than the minium size being pretty much dedicated to Airbnbesque type renting. These flats are often purposely developed from larger properties to be split up as much as possible while still technically being classified as an apartment.
This puts even more stress on both the rent and buy prices in a city which is already driven beyond any reason this isn't a bubble anymore this is some goddamn superdimensional membrane manifold.
Why rent a flat to some one for 300GPB a week when you can get 600+ from Airbnbers that won't complain that there isn't a dryer and a washing machine, a dishwasher that the heating isn't good and the shower is moldy.