This thesis analyses the impact of regulatory tightening on the Italian short-term rental market on Airbnb, focusing on the circular issued by the Ministry of the Interior on 18 November 2024, which established the obligation to identify guests in person pursuant to Article 109 of the TULPS, rendering many self-check-in procedures based on key boxes and remote access non-compliant. The intervention is interpreted as a shock to variable operating costs, as it requires physical presence or equivalent solutions for each arrival and increases organisational constraints, especially for operators with high turnover and multi-property portfolios. The empirical analysis uses AirDNA data organised in a monthly listing panel covering January 2023 to August 2025.