I would say no. The float is the number of shares available for trading. Shorting will actually increase the float for the time being. The broker can lend anyone's shares that has a margin account even if they shares were bought with cash per the margin agreement.
Anyway the monthly short interest stat is very weak as the short interest could be covered in a day if somebody really wanted to.
If Short Interest was higher than outstanding shares then you might have a problem.
When investing always start with an assumption that the stock market is dead wrong.
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