San Francisco Ballots on ‘Proposition F’ Worries Airbnb Renters
On Tuesday, the residents of San Francisco are slated to vote on a city measure called 'Proposition F' which could trim the supply of short term rentals.
The San Francisco Tenants Union, which is supporting the measure, says a collection of statistics show that 'Airbnb', the short term home-sharing platform through which people can rent their houses or rooms to vacationer or complete strangers is causing trouble for the people who rent their homes for longer periods, in the city. However, people who support it, says that it helps them to earn some extra money.
Airbnb is also not sitting quietly and has spent $8 million or trying to beat the initiative taken by the city on ballot as it could threaten the company's growth in one of the most important markets for the global technology company.
'Proposition F' that proposes to limit the short-term rentals is a brain child of the advocates of affordable housing who can see the massive problems it is causing with high rate of evictions and rising rents as most of the housing stock in the city are being used as rentals for travelers or tourists for a short time.
Losing the market in San Francisco, which is Airbnb's hometown, will not be much of a financial blow but more of a symbolic blow as this could be soon adopted by other cities in which case, the company will face significant consequences financially.