Supporting Prop 5 to increase funding for affordable housing in California

Airbnb got its start during the Great Recession as a way to help our founders pay their rent in San Francisco. Today, Airbnb has become an economic lifeline for so many people around the globe. In fact, 55 percent of Airbnb hosts in California say the income they earn from hosting helps them afford to stay in their homes.¹

To help ensure more people can benefit from economic opportunities of homeownership and home sharing, we continue to partner with governments to help address housing challenges. Many experts and economists agree that the root cause of the affordable housing crisis is a chronic shortage of housing supply to meet demand, and we support the work of governments and organizations that are championing sensible, long-term solutions to help communities increase their supply of affordable housing.

That's why Airbnb is proud to support Proposition 5, a ballot measure that will go before California voters on November 5. We have long been a key supporter of this issue, making a $3 million donation to the San Francisco Foundation to support earlier efforts in California that made it easier for local communities to approve affordable housing bond measures.

Prop 5 will empower California communities to build more affordable housing and infrastructure by:

• Making it easier for communities to fund affordable housing and infrastructure projects by lowering the voter threshold for local bond measures to 55 percent.
• Mandating strict, new accountability mechanisms to ensure the responsible use of bond funds.
• Expanding bond uses to support community needs, like housing services for residents.

This initiative would help California communities address housing shortages that are driving up the cost of living for residents, including Airbnb hosts who live in hundreds of cities and counties across the state. To that end, we're encouraging Airbnb hosts in California to join us in supporting this transformational affordable housing measure.

"Airbnb is proud to support Proposition 5 as part of our ongoing commitment to help communities tackle the housing crisis head-on. By making it easier to fund affordable housing solutions through bonds, we're advocating for a future where access to secure, affordable housing is a reality for more Californians."
_{-Theo Yedinsky, VP, Public Policy, Airbnb}

"Californians feel the strain of our housing crisis every day, and Prop 5 offers a critical pathway to increase funding for affordable housing across the state. I applaud Airbnb's commitment to helping us address our housing affordability challenges and create lasting solutions for Californians."
_{-Scott Wiener, California State Senator}

"We're grateful Airbnb has joined our coalition of Yes on Prop 5 endorsers and supporters. Their early contribution is a demonstration of their strong support for Prop 5's proposal to give local voters more power to address the affordable housing and public infrastructure needs in their communities."
_{-Amie Fishman, Executive Director, Non-Profit Housing Association of Northern California}

Our support for Prop 5 is part of our ongoing commitment to partner with governments and communities to address housing challenges. At the start of this year, we launched the Airbnb Housing Council, which brings together leading independent housing organizations and experts to advise Airbnb on policies, partnerships, and initiatives we can support that help spur housing supply.

Paid for by Airbnb, Inc.