Brian Chesky, CEO of Airbnb
Despite a multimillion-dollar persuasion campaign by Airbnb, Jersey City, New Jersey, residents voted overwhelmingly to impose greater regulation on short-term rentals in a move that is expected to hurt Airbnb’s presence in the city.
The measure, which was voted on Tuesday, passed with more than 69% of the vote, according to the latest results.
The new regulations come amid a wave of laws considered in cities across the world that seek to regulate the rapid growth of Airbnb due largely to concerns over how the company impacts long-term residents. With Airbnb expected to go public next year, such regulations could cool investors’ outlook on the…