Supporting Prop 5 to increase funding for affordable housing in California
The Crisis at Hand
As a global platform, Airbnb has come a long way since its humble beginnings during the Great Recession. Today, it has become a vital economic lifeline for millions worldwide, including many hosting in California. In fact, a staggering 55% of Airbnb hosts in California rely on their rental income to keep a roof over their heads! đźŹ
But the housing crisis in California is no laughing matter. Economists and experts agree that the chronic shortage of affordable housing supply is the root cause of the issue. That’s why we’re committed to partnering with governments and organizations to champion sensible, long-term solutions.
A Solution for California’s Housing Woes
We’re proud to support Proposition 5, a ballot measure that will go before California voters on November 5. This initiative will empower local communities to build more affordable housing and infrastructure by:
• Lowering the voter threshold for local bond measures to 55%
• Mandating strict, new accountability mechanisms to ensure responsible use of bond funds
• Expanding bond uses to support community needs, such as housing services for residents
Why This Matters
This initiative will help California communities address the housing shortage, which is driving up the cost of living for residents – including Airbnb hosts in hundreds of cities and counties across the state.
Leaders Weigh In
“Airbnb is proud to support Proposition 5 as part of our ongoing commitment to help communities tackle the housing crisis head-on. By making it easier to fund affordable housing solutions through bonds, we’re advocating for a future where access to secure, affordable housing is a reality for more Californians.” – Theo Yedinsky, VP, Public Policy, Airbnb
“Californians feel the strain of our housing crisis every day, and Prop 5 offers a critical pathway to increase funding for affordable housing across the state. I applaud Airbnb’s commitment to helping us address our housing affordability challenges and create lasting solutions for Californians.” – Scott Wiener, California State Senator
“We’re grateful Airbnb has joined our coalition of Yes on Prop 5 endorsers and supporters. Their early contribution is a demonstration of their strong support for Prop 5’s proposal to give local voters more power to address the affordable housing and public infrastructure needs in their communities.” – Amie Fishman, Executive Director, Non-Profit Housing Association of Northern California
A Sustainable Future for Housing
Our support for Prop 5 is part of our ongoing commitment to partner with governments and communities to address housing challenges. That’s why we launched the Airbnb Housing Council, which brings together leading independent housing organizations and experts to advise us on policies, partnerships, and initiatives that can help spur housing supply.