So it all seems to depend on the ratio of long-term residents to short-term residents. In college towns, the balance shifts dangerously close to the short-term side. But do we have reason to think that AirBnB poses the same danger? Has there ever been a residential neighborhood where AirBnB clients comprise any more than a small fraction of the total population? Yes, some people are renting out entire apartment buildings, but that neighborhood probably has a hundred other apartment buildings, too, with several thousand residents in them.
A neighborhood is whatever its members make of it. If people don't like to have an inn next door, they have every right to speak up against it, organize if possible, and make life hell for the innkeeper so that he moves someplace else. But I'm not sure whether we need the heavy hand of the law to get involved in this at all. In your college town example, what are you going to do? Force students to live at least 5 miles away from campus? Nope, gotta make do with the people you've got, even if it means constructing a new funky subculture just for the student-heavy neighborhood.
I do agree that we need some sort of regulation. But I think those pages of law will be better spent on requirements of safety, taxation, etc. Even a proper enforcement of the fire code will probably wipe out a large percentage of the AirBnB listings.