Do Anti-Gentrification Protests Affect the Short-Term Rental Market: Evidence from Mexico City

With Amaranta Hernández and Antonio Jiménez Hernández

This paper examines whether the anti-gentrification marches held in Mexico City in July 2025 affected the short-term rental market. Using monthly panel data on more than 26,000 Airbnb properties in Mexico City, we compare properties near the main march route in the Condesa neighborhood with properties located farther away before and 6 months after the marches. We consider both the intensive margin—prices and occupancy of properties that remain active—and the extensive margin—entry and exit from the platform—and examine whether effects vary by price segment and property capacity. We find no significant effect on prices, but a null average effect on platform participation masks a significant decline concentrated among high-price properties.