Spain just published the numbers on its tourist flat crackdown. They tell a strange story. 📉

➡️ 341,001 tourist flats advertised in May, down 10.7% in a year (INE)
➡️ That's the second biggest annual fall ever recorded, and 62,000 below the all-time peak
➡️ Valencia lost almost 12,000 listings on its own

So the crackdown worked? Not quite.

➡️ Supply is actually UP 3.4% since November
➡️ The Bank of Spain says many delisted flats moved to seasonal lets, not residential renting
➡️ Tourist flats are 1.28% of Spain's housing stock. Rents haven't moved.

And now the legal foundation is gone. The Supreme Court annulled the national registry in May, and today Exceltur warned the ruling leaves a legal vacuum that could bring thousands of previously illegal listings back online.

For operators: supply is tighter than it's been in years, demand isn't going anywhere, and the registry will be rebuilt in the decree expected this month. The moat right now is compliance.

Is a supply squeeze without a housing fix a win for anyone?