Arizona's housing crisis stems mainly from a long-term shortage in home construction after the Great Recession, not short-term rentals (STRs). Since 2010, STRs largely converted existing vacation homes rather than reducing long-term housing. Population growth outpaced housing supply, and the pandemic worsened the shortage, causing a 64% rise in home prices from 2019 to 2022. STRs had less impact on prices in high-density areas.