São Paulo is a city that never seems to stop. People arriving, people leaving, apartments popping up, buildings rising, and a question becoming increasingly present: after all, are we building homes or new investment products?
In recent years, so-called studios have spread across the city. Small apartments, often located near subway stations, business centers, and major work hubs, were presented as an alternative for those who wanted to live near where they work.
The idea made sense. Less space in exchange for better location, less time in traffic, and more convenience in daily life. But the market found another possibility for these small properties: investment.
Many studios began to be purchased not necessarily for someone to live in, but to generate income. And among the possibilities offered to the owner, short-term rentals appeared, driven by platforms like Airbnb. That is where the story starts to get more complex.
When a home becomes lodging
For those traveling, the proposition is extremely convenient. In a few minutes, it is possible to find a furnished apartment, choose the dates, make a reservation, and arrive in the city with a home ready to receive you. For the owner, there is the possibility of economically exploiting a property.
But for those living in the building, the experience can be quite different. In a residential building, the frequent entry and exit of people unknown to the residents can lead to arguments regarding security, privacy, noise, and the very purpose of the condominium. And this discussion has reached the courts.
In May 2026, the Superior Court of Justice ruled that the use of residential properties for short-term stays, when there is repeated and professionalized economic exploitation, may disqualify the residential designation of the condominium. In such cases, the change must be approved by at least two-thirds of the unit owners. In other words: buying an apartment does not automatically mean having the freedom to turn it into short-term lodging. Condominium rules matter too.
And what about the famous HIS and HMP?
There is also a situation particularly important in São Paulo. Some developments are classified as HIS — Social Interest Housing or HMP — Popular Market Housing. These are categories provided for in the city's housing policy that receive urban incentives to expand the supply of housing intended for specific income brackets. These units have their own rules.
Since Municipal Decree No. 64,244/2025, short-term rentals, such as Airbnb, are prohibited for HIS and HMP units. The City Hall has been monitoring listings and, in 2026, reported having requested that platforms remove tens of thousands of offers considered irregular.
This reveals an interesting contradiction in the city. On one hand, São Paulo needs housing that brings people closer to work, reducing commutes and better occupying regions served by transport and infrastructure. On the other hand, these same properties can become investment assets and, in some cases, fail to fulfill the residential function for which certain public incentives were created.
After all, who are we building for?
Perhaps this is the most interesting question. Airbnb did not create this phenomenon alone. It just made it much easier to connect those who have a property with those who need a place to stay for a few days. The issue is what happens when a city starts to have more and more residential properties used as lodging.
For the traveler, it can be convenience. For the owner, it can be a source of income. For the building resident, it can mean a new dynamic of coexistence. And for the city, it can mean a much larger discussion about housing, investment, tourism, and the right to live in a place that continues to be, in fact, a home.
São Paulo may only be beginning to discover where that border lies.