All of this has pushed months supply to a new low of 1.7 months. 6 months is considered a neutral stance.

Many consumers are rate-obsessed, and do not pay attention to their mortgage balance, to closing costs, etc, and in response to that consumer 'demand,' my industry and the folks in it often 'supply' a lower rate than might be optimal. 

They are just catching up over the past year. properties are sitting on market longer, and you will see price reductions. that is a good indicator that supply is coming back. 

It's too short a timespan for a long-term lease on your home, the regulations in Nashville are too strict for you to do a short-term rental; you could do something like a corporate rental/rent to traveling nurses but then you'd need to furnish the house too.  

China economy causes global recession due to hits in supply chains.

To make a long story short, I am using my rental income to purchase a new home that we will be living in and was prequalified with no issues (mortgage company hired third party firm to look at my rental income and returns to qualify my income, I gave them every document on earth, leases, taxes, insurance, mortgages, etc...) and then underwriting says no due to the fact that the last 2 years of tax returns (2017, 2018) I reinvested all my money into my rentals and they are deducting all that out of my income, ie. depreciation, capital improvements, supplies, repairs, utilities, maintenance etc... 

Has anyone felt the effects of regulations in those states?

5) What, if any, ordinances are being considered (or have passed) regulating STRs?

It could be something simple like a leaking supply line or a leak from a rocking toilet.

If you are looking at vacation rental properties, it's a supply issue.