The value of living somewhere isn’t only about GDP, it’s also about the quality of life. Touristy places are loud as the apocalypse, everything’s expensive, finding a house is hard because of all the B&Bs, there’s shitty drivers everywhere, parking is a nightmare… and all the infrastructure built to accommodate tourists is used only for 4 months a year, for the rest of the year the burden of maintenance is payed by the locals.
And if big corporations like Airbnb are involved, most of the income generated from tourism gets siphoned out of the city for some foreign shareholder to pocket anyway.