The European Commission said it will draft legislation by December next year to regulate booming short-term holiday rentals, following the unveiling of a comprehensive Affordable Housing Plan aimed at tackling soaring rents and housing shortages across the EU.The plan seeks to mobilise public and private financing to add roughly 650,000 affordable dwellings a year on top of existing construction and estimates an additional €150 billion per year will be needed, with at least €11.5 billion from the EU budget and a pledge to help mobilise about €375 billion by 2029.Dan Jørgensen warned the crisis threatens democracy, political groups were split and housing advocates including Massimo Pasquini criticised the reliance on private delivery as risking exclusion of the poorest.