Airbnb is continuing to flex its political muscle with a $1 million contribution to California’s Proposition 1 — a ballot measure which, if approved, would allow the state to sell nearly $11.3 billion worth of bonds to fund housing.
The San Francisco-based short- and long-term rental platform announced its donation to “Yes to Prop 1” on Friday, following its recent launch of the Airbnb Housing Accelerator, which it says will provide gap financing for affordable and mixed-income housing developments across the country.
Prop 1, which will come before voters in November, promises $7.2 billion for affordable housing programs, including new developments and renovations of existing stock; $1.1 billion for homeownership initiatives such as flexible loans for first-time buyers; $500 million for infrastructure projects to support new developments; and additional funding for various programs targeting specific groups including veterans and farmworkers.
Thr ballot measure is being billed as a way to provide subsidies for 40,000 multifamily rental units, yield 2,500 units for farmworkers and 1,200 for college students, and assist up to 40,000 households with homeownership.
Airbnb joins other Prop 1 donors including the Building a Better California PAC — which counts The Wonderful Company’s Stewart Resnick and Google co-founder Sergey Brin as major donors — as well as Housing Trust Silicon Valley, Eden Housing Management and MidPen Housing Corporation.
Daniel Hornung, director of Airbnb’s housing accelerator, described Prop 1 as “California’s effort to pair their recent improvements in zoning and permitting rules with the resources needed to get more homes built.”
Over the last couple of years, the state has made moves to streamline housing production through CEQA reform and laws such as Senate Bill 79, which overrides local zoning to clear the path for multifamily development near transit.
A number of cities in the state are pushing back with ballot measures to reclaim local control, The Real Deal previously reported. If these measures — including Menlo Park’s attempt to require citywide elections for redeveloping city-owned parking lots — were to pass in November, it’s unclear whether they would hold up if challenged in court.
Along with its Prop 1 contribution, Airbnb has been making donations to California candidates. The Committee to Expand the Middle Class Candidate Comittee, which is sponsored by Airbnb, donated $1 million to gubernatorial candidate Xavier Becerra, according to the California Fair Political Practices Commission. Airbnb also doled out $750,000 to a committee backing Los Angeles Mayor Karen Bass, LAist reported.
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