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Airbnb Slides As Venice, Florence Call for Halt To Short-Term Rentals

Stock MarketsMar 24, 2021 01:19PM ET
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By Dhirendra Tripathi

Investing.com – Airbnb (NASDAQ:ABNB) shares slid more than 1% on Wednesday on fresh challenges just as the online rental aggregator was getting ready for business to bounce back after a year of lockdowns in various cities across the world.

According to CNN, two European cities that are most popular with tourists, namely Florence and Venice, have put together a manifesto and sent it to the Italian government. The paper calls for steps to limit Airbnb.

Urging the government to "take a hold of the situation in a serious, forward-looking way," they suggest classifying all rentals of under 30 days as for tourism purposes, and imposing a limit of two such rentals on owners per city, and a 90-day annual limit for rentals, CNN.com reported.

The cities are following in the footsteps of other ‘over-touristed’ destinations including Paris, which allows people to rent out their primary residences for just 120 days a year; and Barcelona, which is mulling over a ban on short-term rentals.

Airbnb shares have been firming up on hope that tourists will prefer its properties over hotels on hygiene concerns in the wake of the pandemic.

 

 

Airbnb Slides As Venice, Florence Call for Halt To Short-Term Rentals
 

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