is launching a community investment program with an initial $25 million to
support affordable homeownership, small businesses and the construction and
preservation of affordable rental housing in the San Francisco Bay Area and Los
says if the pilot program is successful it will expand to more communities
throughout California and across the country.
want Airbnb to be a 21st-century company that serves all our stakeholders,
including the communities our hosts and guests call home,” says Chesky.
by Governor [Gavin] Newsom’s leadership, we took a look at how we could
potentially deploy our resources to support the development of more affordable
housing. This is just a modest first step, but we are excited to launch this
pilot program, learn more and build on this work in the years ahead."
Subscribe to our newsletter below
Airbnb’s Community Impact Investing program will focus
on preserving or creating below-market rental housing, supporting access to
homeownership for low- to moderate-income households, financing “meaningful
infrastructure initiatives” and providing loans to small businesses that serve
the target communities.
"Investing in affordable housing and small businesses
is the right thing to do for our state and it is the right thing to do for our
business,” Chesky says.
“These investments have the potential to generate
solid returns for our company and make communities stronger and I expect that
we will expand this program in the years ahead.”
Governor Newsom says the state’s
housing crisis requires a collaborative solution and Airbnb’s investment “is
a critical first step on behalf of their community, and we need more businesses
to follow their lead."
Shortly after announcing this investment, Airbnb disclosed
it had more than $1 billion in revenue in the second quarter of 2019, and the
platform now has more than seven million listings in more than 100,000 cities and
more than 40,000 experiences in over 1,000 locations.