How does the regulation of the sharing economy affect constitutional rights? This question is particularly salient in the area of property rights. In particular, do restrictions on short-term leasing (such as via Airbnb) constitute unconstitutional takings of private property without just compensation? Do these restrictions rise to the level of regulatory takings (in the U.S. context) or trigger “planning compensations rights” (in the European context)? In an attempt to answer these questions, I examine the nature of emerging short-term leasing restrictions in both the U.S. and Europe. I compare the types of regulatory schemes that are developing on either side of the Atlantic and the reasons employed to justify these regulations. Finally, I suggest a course of action that will preserve property rights while allowing governments to adapt to the rapidly changing nature of the sharing economy.