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Airbnb suffers setback in Jersey City on vote to regulate rentals

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Brian Chesky, CEO of Airbnb

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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…



Source cnbc.com

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