The new regulations come amid a wave of laws considered in cities across the world that seek to regulate the rapid growth of Airbnb due to concerns over how the company affects long-term residents.
come amid a wave of laws considered in cities across the world that seek to regulate the rapid growth of Airbnb due largely to concerns over how the company impacts long-term residents. With the company expected to go public next year, such regulations could cool investors' outlook on the company.
Despite the relatively small size of Airbnb's 3,000-listing presence in Jersey City, the local battle was significant for the company as it faces a crackdown on illegal listings in its largest market, New York City. The new rules also come as Airbnb faces heightened scrutiny after the company officiallyThe $30 billion company devoted $4.2 million to fighting the regulations,.
The regulations gained traction over concerns that the platform was allowing tourists to overwhelm residential areas, raising housing costs and mostly benefiting large-scale investors.
"From the start of this campaign, we knew this was going to be one of the toughest fights we've faced, with the big New York hotel industry determined to fight home sharing, but we had an obligation to stand up for our community," Christopher Nulty, a spokesperson for Airbnb, said.
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