Morongo Basin flooded with "fully furnished" rentals hitting the market all at once. This isn't a trickle, it's a liquidation. When you get this much inventory concentration in one area it means the business model broke somewhere upstream - either hosts got crushed by financing, or the short-term rental market can't sustain the density anymore. Compare this to Galveston: 1500+ properties stacked on 40 square miles. Red Zillow bubbles overlapping on themselves. That's not a market, that's a fire sale.