Earlier today, Airbnb sent the following letter to the San Francisco Board of Supervisors and Mayor Ed Lee. You can view the entire Neighborhood Spending study from the Land Econ Group here.
To the San Francisco Board of Supervisors:
We recently asked the economists at Land Econ Group to study Airbnb’s impact in neighborhoods ranging everywhere from the Castro to the Richmond, and the Sunset to the Bayview. We wanted you to be the first to know about the quantitative results.
As you know, every year, Airbnb hosts in San Francisco welcome tens of thousands of guests from around the world. Collectively, these visitors generate more than $460 million in economic activity — and with 72 percent of Airbnb listings outside of Union Square and Fisherman’s Wharf, they’re spending time and money in every neighborhood across San Francisco. Additionally, Airbnb guests pay more than $12 million annually in transient occupancy (hotel) taxes to the city.
Here is just a sample of the positive impact our community is having on neighborhoods and businesses across San Francisco, according to this study:
Additionally, Land Econ Group’s research also found:
- Over the last year, Airbnb guests generated $5.5 million in sales tax revenue, in addition to the more than $12 million in hotel taxes remitted on an annual basis [predicted]
- More than 300,000 guests came to visit San Francisco and stayed in Airbnbs over the last year, spending $338 million of which $105 million went directly to local hosts, the vast majority of whom are middle class families
- 37 percent of guests’ non-accommodation spending was within the neighborhood of their lodging, indicating that spending by Airbnb guests is distributed much more broadly in San Francisco than spending by hotel guests
We are proud of our community’s impact in our hometown, San Francisco, and proud to support thousands of small businesses and middle class families in every corner of this city. Enclosed is the entire memo from Land Econ Group outlining the results of their study, but if you have any additional questions, please do not hesitate to reach out.