Airbnb in $8m campaign against move to curb short rentals
Defeat in hometown of San Francisco would be symbolic blow for firm
Airbnb: the company is opposing a bid to limit short-term rentals, brought by affordable housing advocates fed up with San Francisco’s housing stock being used as rentals for tourists while residents face skyrocketing rents and evictions. Photograph: Andrew Harrer/Bloomberg via Getty Images
Airbnb has spent more than $8 million and hired a top political operative to defeat a San Francisco initiative on the ballot Tuesday that could threaten the growth of one of the most valuable global technology companies.
Proposition F, which would limit short-term rentals, was brought by affordable housing advocates fed up with the city’s housing stock being used as rentals for tourists while residents face skyrocketing rents and evictions.
For Airbnb, a defeat in its hometown of San Francisco would be mostly a symbolic blow. Should similar measures be introduced elsewhere, however, the company could face serious financial consequences.
At stake are its ability to continue adding rentals , increase revenue and maintain its $25.5 billion valuation as it moves closer to an initial public offering. – (Reuters)