Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Airbnb faces tightening regulations in New York City that could take a big bite out of its profits.
On Wednesday, the short-term rental company offered a counter-measure designed to appease hostile politicians: a $10 million contribution to charities helping people with rising rents, homelessness, health care and education.
The San Francisco-based company says this money is a taste of what New York's city and state governments could reap if restrictions were loosened while imposing hotel-style taxes. Most rentals for fewer than 30 days now require the owner's presence.
Last week, Mayor Bill de Blasio signed a bill that requires Airbnb to reveal the names and addresses of hosts, allowing the city to crack down on illegal listings. Critics say they're pushing up rents for New Yorkers by diminishing available properties.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.