Agree with the response above of
@Sandisw . Under the terms of the POS documents, renting is expressly not commercial activity. The POS distinguishes between "personal use" which is a member's right, and use for a "commercial purpose," which is improper. If you read through the applicable terms of the POS documents, you will see the following:
"Personal Use" expressly includes a member's right to lease (rent) to others. Thus, renting, in and of itself, cannot be considered commercial activity that can be banned.
A commercial purpose implies that one is essentially acting in the business of doing something. That is the kind of activity that can be banned. The terms of the POS and rules created also support that definition when it relates to renting. Under the the POS, one commits improper commercial renting if one engages in a pattern of rental activity from which it can be concluded that the member is acting as a "commercial enterprise." Many terms also deal with "Commercial" units, the resort units used by business entities. The activity is deemed "commercial" if the owner intends to use the property for a "business enterprise." In essence, the renting that is actually banned under the "commercial" terms of the POS is for a member to be using his points mainly to conduct a business of renting rooms.
DVC itself has shown that its own interpretation of the POS agrees with that conclusion. In December 2007, DVC put out a rule relating to rentals. That rule creates a presumption that if a member does more than 20 reservations in any given 12-month period, the member will be presumed to be in violation of the commercial purpose prohibition. And even that presumption can be defeated if the member shows the reservations were done for allowed "Personal Use" (which, as noted, is a term that includes the ability to rent).
That rule does not indicate any belief by DVC that members can be barred from doing some rentals to gain some income to cover dues, or doing rentals now to eliminate excess banked points that they cannot use for their own stays, including because many of them cannot even go to Disney right now either out of fear getting covid, particularly if you are in a high risk group, or because travel from other countries still has difficult restrictions. To ban such members from doing rentals would just be another covid-related punishment.
Some believe that DVD/DVC could just unilaterally amend the POS to bar rentals under its discretionary authority to make amendments without the actual vote of the members. That discretionary authority has limitations, one of which is that it cannot be used to do any amendment that "would prejudice or impair to any material extent the rights of any Owner." To take away an owner's right to rent, even if one assumes it could be done, would require the actual vote of the members.