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00:02Airbnb is committing an initial $250 million to housing projects as it seeks to address
00:08affordability concerns tied to short-term rentals, according to the Wall Street Journal.
00:13The Airbnb housing accelerator will provide below-market financing for multifamily projects,
00:19beginning with $6.4 million for about 200 affordable housing units in Austin.
00:24Airbnb plans to reinvest money and recoups into additional projects, and expects the
00:30initial $250 million to translate into $5 billion of capital over a decade.
00:36Airbnb and other short-term rental companies have faced criticism that their rentals worsen
00:41housing shortages and affordability by removing homes from the long-term market.
00:46CEO Brian Chesky said Airbnb represents only a small share of housing, and that city bans
00:52have not lowered home prices, but the company still wants to offer solutions to housing
00:57affordability.
00:58The initiative will primarily focus on the U.S. and also support housing policy advocacy,
01:04an open-source housing data set, and a $5 million competition for technology aimed at
01:09simplifying home construction.
01:10For all things money, visit Benzinga.com.
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