I once stayed in a AirBnB in one of the largest international cities in the world. Every room in the apartment was converted into an AirBnB rental, and the listing didn't make it apparent that this was the living arrangement at all.

There were 12+ people staying there in an apartment meant for 2 - 4 people at most. And that was just one apartment in the building, I assume more apartments were converted in a similar fashion because that's easy money.

They certainly weren't up to fire code. There weren't any emergency lights that would go on during an emergency and mark the fire exits, because there were no fire exits. In the event of a fire, panicked people would fall all over themselves in the dark as they all scrambled to the only exit, and the mass of people would most likely block it.

That's how they're able to give "better value" for the same price or less.