Airbnb has bigger concerns than the scenario of one more big city, Chicago, that is potentially tightening its short-term rental restrictions. But such an action certainly wouldn't help.
Online Travel This Week
Airbnb's One-Night Stand in Chicago
If you are in Airbnb's virtual bunker trying to set up an initial public offering, consider what it must be like coping with almost-daily headlines about house parties gone wild or regulatory setbacks that interfere with a more positive story.
A case in point on the regulatory front is Chicago, where the city council is slated to vote Wednesday on an ordinance that would ban single-night stays in short-term rentals. In the run-up to the vote on the measure, which was adopted in committee last month, Airbnb emailed hosts, urging them to communicate to elected officials "how this bill may negatively impact your ability to earn extra income."
[Update: The Chicago City Council unanimously approved an ordinance Wednesday that bans single-night stays in short-term rentals in the city. That part of the ordinance, along with a measure to give the city increased authority to prohibit house parties, would go into effect October 17. Other provisions, such as the creation of tiered licensing fees, would be implemented April 1, 2021. See the ordinance embedded below.
In reaction to the adoption of the ordinance, Alex Dagg, Airbnb senior policy director stated: "While we’re supportive of the aspects of the ordinance that modernize Chicago’s short-term rental law, the one-night ban is a blunt instrument that blocks legi