The company will put $6.4 million towards affordable housing development in Texas’ capital.
Airbnb announced a pledge of $250 million in last-dollar financing for multifamily housing projects on Sept. 14, with Austin, Texas seeing the company’s first investment. Airbnb will put $6.4 million towards affordable housing development in the city, where it currently has 14,400 active short-term rental listings.
“The investment announcement comes amid increased local scrutiny and regulation of short-term rentals, which some studies have shown can lead to increased rent and housing costs in cities,” Ryan Kushner writes for Smart Cities Dive.
Airbnb’s Housing Accelerator program will include a “local pro-housing policy advocacy arm to support zoning, permitting and building code reforms and will contribute funding to AURA, a pro-housing organization in Austin,” Smart Cities Dive reports.
Read the full story: Airbnb’s $250M housing accelerator program to start in Austin, Texas
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