\begin{tabular}{lcccc} \toprule & (1) Montreal & (2) Outside Mtl & (3) Apartments & (4) Houses \\ \midrule Airbnb count (500m) & 0.003865*** & 0.003046* & 0.003860*** & 0.006699*** \\ & (0.000226) & (0.001580) & (0.000226) & (0.001995) \\ \midrule N & 4,578 & 3,347 & 7,136 & 789 \\ $R^2$ & 0.4587 & 0.6959 & 0.5046 & 0.6403 \\ City FE & Yes & Yes & Yes & Yes \\ \bottomrule \end{tabular} \begin{tablenotes}\small \item \textit{Notes:} Robust standard errors (HC1) in parentheses. * $p<0.10$, ** $p<0.05$, *** $p<0.01$. All specifications include city fixed effects, bedrooms, and bathrooms as controls. \end{tablenotes}