Airbnb on Hot Seat?
Two LA Councilman think rental sites like Airbnb are bad for neighborhoods, according to the LA Times. Mike Bonin introduced the motion, which looks to set regulations similar to what has already been enacted in San Francisco, Portland and other cities. Everything you need to know about Airbnb is here.
As you might expect, the councilmen are looking for money, as they want any regulation to let the city collect taxes like those paid at hotels. Meanwhile, the Times also reports Airbnb is patting itself on the back, as the company estimates its LA hosts brought in more than $43M between May 2013 and April 2014. The sharing economy has had a profound impact on real estate.
And in a study commissioned by Airbnb, the company says it generated $312M in economic activity in LA in one year and supported 2,600 jobs. The study by Land Econ Group lauds the company for its positive impact. Hey, where else can you rent a Treehouse near the Hawaii Volcanoes National Park?
