Airbnb is continuing to flex its political muscle with a $1 million contribution to California’s Proposition 1 \u2014 a ballot measure which, if approved, would allow the state to sell nearly $11.3 billion worth of bonds to fund housing.<\/p>\n
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<\/a>, which it says will provide gap financing for affordable and mixed-income housing developments across the country.<\/p>\n 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.<\/p>\n 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.<\/p>\n Airbnb joins other Prop 1 donors including the Building a Better California PAC \u2014 which counts The Wonderful Company’s Stewart Resnick<\/a> and Google co-founder Sergey Brin as major donors \u2014 as well as Housing Trust Silicon Valley, Eden Housing Management and MidPen Housing Corporation.<\/p>\n 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.”<\/p>\n Over the last couple of years, the state has made moves to streamline housing production through CEQA reform<\/a> and laws such as Senate Bill 79<\/a>, which overrides local zoning to clear the path for multifamily development near transit.<\/p>\n A number of cities in the state are pushing back with ballot measures to reclaim local control, The Real Deal <\/a>previously reported<\/a>. If these measures \u2014 including Menlo Park’s attempt to require citywide elections for redeveloping city-owned parking lots \u2014 were to pass in November, it’s unclear whether they would hold up if challenged in court.<\/p>\n 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<\/a>, according to the California Fair Political Practices Commission. Airbnb also doled out $750,000 to a committee backing Los Angeles Mayor Karen Bass<\/a>, LAist reported.<\/p>\n Read more<\/p>\n