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.
At stake is its ability to continue adding rentals at the same speed, increase revenue and maintain its $25.5 billion valuation, all of which fall under greater scrutiny as it moves closer to an initial public offering.
F campaign, which raised about $300,000 from hotel unions and affordable housing advocates, has discussed its proposal with officials and housing advocates in New York - whose city council is weighing restrictions on short-term rentals - Chicago, Los Angeles and other cities, said coalition cofounder Dale Carlson.