By 2017, Airbnb's legal troubles are snowballing so fast, it’s not clear whether it will survive. But there’s another gathering storm that nobody could have forecast – the COVID-19 pandemic. And it will make a direct hit on Airbnb.
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Join one replies to listen a business wars one week early and at free in the wonder, YAP down
the wondering app in your apple or Google, play mobile app store. Today
the
may twenty seventeen in the EAST village Manhattan
smartly dressed couple ducks into a building to escape the pounding rain.
suitcases down the narrow brightly lit corridor of an apartment, building, checking apartment
as they go here. We are.
Water drips off the raincoats as they
for someone to answer the door, but no one's responding, where's their air being be host.
The man reaches out to knock again
a clean shaven man in his thirty's opens the door. Can I help you
yes, we're here to check into our air b. The man inside the apartment looks puzzled,
that's not possible. I just checked into this air Bnb
when France and checks or phone
checks the number on the door apartment three ass.
to better and well at Haven in the EAST village yeah, but
There must be some sort of mistake, well
let me call the guy who checked us in high
yeah. There's another couple here saying: they're booked to stay in the same apartment. We in.
Someone's coming now to help. You
They stand and awkward silence for a few minutes. Then a man
in a blue dress. Shirt arrives, he's sweating
and carrying a laminated page with a schedule of who is staying in each of the buildings units
I'm so sorry about the mix up the host is away, so I'm taking care of the rentals for him. Don't
I got another apartment for you. It's just a couple of floors up,
He ushers them to the elevator. The couple
squeezed together in the elevator and share a smile they are thrilled.
because they got somewhere to stay. Now. I don't care about that. You see they aren't tour.
And the suitcases are just props. These are private.
investigators conducting a sting operation to prove the host was breaking state law by running a de facto hotel,
the building manager, searches through a fistful of keys for the Wrightwood
sorry again about that mix up hope you enjoy
you stay.
once inside the woman pulls out her laptop and logs onto the wifi. I'm WI get
working on a report to send to the city he grabs his phone
called share better share. Better is the
anti air being be alliance, backed by hotel groups. There, the group funding
sting operation- hey Peter
Ryan and its in illegal hotel, I'll write the anti
AIR Bnb Alliance has gone undercover to expose the startup
it'll blow a hole and air be in these defence that it's just helping middle class folks make a little money on a side, hustle
being being.
It's not above conducting its own clandestine operation,
Far from it.
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From wondering I'm David Brown and this
business wars
In the last episode, the city ruled it illegal for hosts to operate short term rentals in the city
That ruling stands. It could doom AIR Bnb in New York and other cities. But it's one
thing to enact a law and another to actually enforcing the prospect, but
New York City Hall, and that's what AIR B and Airbnb
is banking on this episode
I'll, be legal troubles snowballs so fast, it's unclear
startup will survive and there's a perfect
storm barreling towards them that nobody could a forecast capital
running dry, and the nineteen pandemic will make a direct hit on air B, and despite these headwinds
if the company is to stay afloat it has to
public. This is episode. Three. The gathering storm.
January twenty eighteen city, council chambers in City Hall, downtown Manhattan,
Council, member Jumaane Williams sits at a table with two colleagues
Williams, Corey, Johnson and Carlino Rivera are looking for a way to keep a lid on air B and B. Johnson
the stubble on his round face and looks at the newly elected Rivera dress neatly,
a blazer and skirt so Duminy. We want
to meet with you to get the city council low down on your be, I know, you've been very
different, organizing efforts against it,
we've been trying our best.
Pass law after law, but that tough to enforce, given the city, strain resources and Airbus
be keeps find and loopholes, Johnson
looks concerned, he's a noose
Speaker of the city, Council,
and he has a lot riding on how this plays out
This really worries me. We both campaigned on ending New York's housing crises, but the problems only getting worse Ribeiro Rep
hence neighborhoods, including the EAST village, flat iron and the lower east side in Manhattan. We all now
The problem in my district
it's taking rent regulated units out of the housing stock because they can get a lot more money per night on urban, be low Corey, your new speaker
I say we go after them, even harder in City council, meaning
pass and even stricter bill,
We could do that exactly Rivera.
Johnson and Williams smile, the
Anti air Airbnb Alliance. Just game
two new warriors
may. Third, two thousand and eighteen
Way station in downtown New York,
a man leans against the green column and strolls through his Facebook NEWS feed one head
and catches his eye. It reads
New York City renters paid an extra six hundred. Sixteen million dollars thanks to air B and b
to read more
city controller, says that air Airbnb has contributed to a housing shortage and that
pushing rents up here.
His phone,
His rent has been rising
had been annoyed at his landlord, but now he has some one else to blame air be in bed.
Build itself is fun.
to those looking for a little bit more income and a harmless asset to the city sure doesn't feel like that. His blood boils. This is bull.
he navigates over to twitter and spots
YO title New Yorkers
not for sale, and he tapped to expand. Airbus me said they want to help New York families, but all they really do with helped themselves to billions of dollars, while statistics PA
one in particular catches his eye,
winning five percent of listings in black neighborhoods, are controlled by white hosts
This is not okay.
each the video with a hashtag New York.
Not for sale after the report?
air being gets heat
but a few days later he catches a break. May seventh, twenty eighteen AIR Bnb head?
in San Francisco, CEO and CO founder Brian Chesky is at his desk. Checking air
in these latest numbers. It's been a
few days since the report came out, saying AIR B and been driving up rents. Chesky
Frustrated that his team has not been able to change the narrative he had slain riot. Are you sitting? There
Yes, what is it look at the link? I just sent you to the new Yorker article,
Chaskey scans is overflowing inbox and opens it how
Lee Crap, it's about Eric Schneider meant
New York attorney general, who, for the last few years, has made air b and B's life. Hell
Are you seeing this for different
and are accusing them of physical abuse right after he became a champion for them to movement. This is unbelievable. She yeah, and it could be good
Ross he's going to have to resign, and then this
It's going to be distracted by dealing with this mess.
take the pressure off ass. Let's hope so we need a break within the
Schneiderman resigns
B and bees biggest opponents is now sidelined, Jude
Twenty eight team, eighteen outside City Hall, downtown Manhattan.
Rivera and Johnson pushed their way through dozens of angry protesters, waving signs that say, Airbus,
and be hijacked eight thousand units. Finally,
in and Rivera inner City hall, with relief
Jeez there so angry I could feel steam coming off of it tell me they
quietly, look back outside of the protesters. Look, I've been thinking
Airbus be isn't cooperating with the city. We gotta do something else. What they come up with
is a bill that can be enforced. It will require a
be indeed report all their listings to the office of enforcement or face it
five thousand dollar fine for each violation but, most importantly it
Shift the responsibility for the listings from hosts to air being b
Rivera and Johnson go one step. Further AIR Bnb will have to
provide the addresses and names of hosts to the city every month and
note where rentals are for a room or whole apartment,
it's practically designed to make AIR Bnb go ballistic
But despite air b and bees headaches with the city, it's not letting that battle
keep it from forging ahead. It has
greatly broadened its horizons June. Twenty
team. It's a warm day in New York, a woman
logs onto airbnb dot com.
for a closer look at a picture of a yurt against a vivid sunset. The text next to it says not sure where to go check out exotic adventures.
She scrolls down. The listings
tree house in the costa rican rain forest
Nick Home, built into a cave in Santorini,
front Villa in ST a country
state in Tuscany and Igloo in Finland, honey I'll come here. You check this out.
Together, they flipped from a photo of a palatial open plan mansion in Greece,
into a rustic cottage right on the beach castle,
in France wow
These are awesome.
Below the listing is a section called experiences in Greece,
hey, what are those who would say?
she's making with locals
milking on a farm. Diving
Expedition off the island a day trip to the Parthenon
looks like your bnb is offering adventures with locals. I guess that's cool okay,
I'll just make a shortlist of places to stay, and we can decide on one tonight. Air Bnb experiences
are the company's new attempt at diversification and
open up the world to the adventurous traveler it now offers
five thousand local experiences across sixty destinations. Things like concerts, hiking tours
horseback, riding the whole endeavor.
asking brainchild and even though
experiences are not exactly taking off air B and B.
where to spend money on the ceo swims. That's because air
be turned its first profit in twenty seventeen and is now
valued at around thirty billion
dollars
New Yorkers are using Airbnb to book exotic getaways. It doesn't change its core problem, anger,
Well, being priced out of housing in the city, government
is all too aware of that fact:
but as the city and air and Airbnb enter the ring again, the
Metals have
Airbus and is no longer a welterweight
The gloves are coming off.
Big business, now
resources to fight,
it now has more at stake, and that means
it's not afraid to play dirty.
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June. Twenty eight.
in AIR B HQ in San Francisco. Airbus
CEO Brian Chesky, Chaskey, its head of public policy, Chris Lehane
in trustees office there strata
rising over coffee. I Chris what you get
well. I ordered my team to do research into these New York politicians. The ones who want to pass this bill against US
You know really dig in other pass. Chaskey nods,
he's well aware. The bill, spearheaded by Johnson and Rivera it would require air,
indeed a hand over a ton of data that could hamstring the company law hain keeps going.
What we found is very interesting. Data shows that
Politicians are getting money from the hotel lobby.
Chris, that's not a real surprise, but I'm guessing you wouldn't even bring this up unless you'd figured out a way to weaponize this. So what are you thinking
We put out a report that details all the money these politicians are getting from the hotel industry. I know
it doesn't come as a surprise to us, but look this
can really sparked public anger, and then
capitalize on that we launch
attack ads against some of them. Isn't.
That last bit a little below the belt is called politics behave, gets
work. He disseminates a report on the amount of money New York. Politicians are getting from the hotel industry
comes across as a last ditch effort.
The city's bill is picking up steam.
July Eighteenth, two thousand and eighteen
ski behave in a group of air being be executives, are gathered in the conference room
on screen is alive feed of the New York City Council meeting on the proposal.
tighten the reins on air bnb as the
sold roans on the x.
acts in the room, smooth Chaskey
keeping a close eye on proceedings. Suddenly he snaps to attention she everyone that their voting.
Watch mesmerized the anti European Bee Council member curling Rivera stands yeah next, its Johnson's turn. Yes,
one by one
the council members vote to limit air the
passes unanimously chest
His face falls,
Oh God, this is bad
It's almost certainly going to be passed into law
The room is silent, they know it's true. Chaskey continues,
Well, come on guys what tomorrow
What can we do?
in response, we get to Albany again
If we can't win New York at the city level, maybe we can get it overruled at the state level Chesky
puts his head in his hands. He can't be
believe he's back here.
how much is that going to cost a lot
How much is a lot La Hague pauses?
we're talking millions?
should sponsor a bill, saying AIR B and be will collect taxes and let's make a fat donation to some nonprofits, improve our public image. Chaskey size
He knows the is right, but all this political fighting is getting expensive
Airbus and gets to work on the New Battlefront Albany,
AIDS, ten million dollars to non profits for the halo effect and proactive
sponsors a bill offering to collect tax from its guessed, but
it is also still fighting the New York City Council bill that would require air Airbnb to police, its listings,
In January, twenty nineteen AIR B and B gets a break.
a judge rules. The city law violates the fourth amendment against illegal searches and seizures it's a boon
at air, bnb
New York city still has some leavers to pull.
Early January, two thousand and nineteen city hall in downtown Manhattan,
a cold wind whips across the EAST River, making it fee
we can colder. May
bill de Blasio Walks head down against the wind until he reaches his office, a staffer
she's a phone to his ears. He waved Blasi Blasio over bill.
perfect timing. I get the special enforcement office on the phone for you. The plaza pulls off his gloves and picks up the receiver, hello, it's christian
Klausner the executive director of the Office of special enforcement. It's been a week
since the judge's ruling that blocked the New York City law to collect more data on AIR Bnb hosts and De Blasio.
Needs fresh ammo bill about the air being scheme we uncovered during the sting operation. Yeah go on well, this entity called metropolitan.
A pretty group has been unlawfully renting out. One hundred thirty Manhattan apartments through air, be indeed almost seventy six thousand guests. They all use different identities to dodge the rules
Cheese that huge, how much are they making more than twenty million dollars in revenue
perfect, are we ready to serve papers? Yes, where seeking twenty million dollars in damages good
Well, let me know when it's done
Jos, special enforcement office finds a lawsuit against metropolitan property group. It also said
is the company for data on twenty thousand hosts the New York Times
Publishes an exposing on the metropolitan Property group's multi million dollar scheme at all
details: how real estate speculators have been manipulating air b to make money. It's a bad look for
Airbnb, which keeps
trying to say that it helps middle class. New Yorkers make ends meet this.
The moment. The city council has been waiting for
but a massive unforeseen event, will turn everything
upside down the early
when he twenty and air be call centre. In Montreal, Canada, a woman's
it or computer. Then adjuster had said she
works on AIR Bnb Safety team. Her job is to deal with complaints.
and over the last few years, she's heard it all
turning suit cases out of the window guests.
discovering conceal cameras in their air, be in these gas leak
sexual assault, her
was to make the problem go away by
spending money paying for flight
hotel rooms, food counseling and hospital the phone.
I myself have
is Katie with her BB. How may I help you hi? This is SAM Mama hosted in New York, I'm calling because I got a guest who wants to cancel because he says he's sick, some sort of flu and he doesn't want to travel.
All right. Well, what is your properties cancellation policy? I have a strict cancellation policy, but he's insisting he says it's something called covert. Nineteen Katy from
and she's been hearing about covert nineteen on the news, but she thought it was a China thing.
Would you mind if I place you on a bridge
hold thanks
hello. This is Katie with Airbnb. How may I help you, I'm staying
airbnb in ITALY, and I just got sick. The doctors told me it's covid, I'm going to need to cancel my stay, so I can corn
a hospital, I'm sorry, I'm afraid that will be possible if you ve already begun your stay. Wait a minute. You
you don't understand. This is a global pandemic. I can't just go back to my airbnb. I could get the next guest sick
Okay, let me look into that. For you I'm going to play,
a brief hold these back to back complaints, don't feel random
Katy gets up and walks over to where manager, hey I've
customers calling wanting to cancel because of this covert thing. What do we do?
I don't know, I haven't, received any guidance on how to handle this. I guess
cancel these guests and reimburse them and we'll see what the higher ups say
There is mass confusion
and be seven million properties worldwide, because I haven't
for the policy to deal with this virus. That seems to be popping up everywhere. Guests
plain about not being able to get full refunds for bookings in quarantine cities during a pandemic.
Many hosts, don't want to lose money by cutting them. A break Airbus and requires customers
pre pay for their lodgings.
as social distancing measures go into effect.
Travellers have already planned down more than one billion dollars in air being be reservations. The company,
now in uncharted territory.
and how it handles this could be a make
break moment
AIR Bnb, CEO Brian Chesky, drastic
changes. Its cancellation policy
the planned refund, guess days, booked through MID May in twenty twenty. The policy keeps
guess chappie, but
Infuriates property owners
not to mention his board April. Twenty twenty Czeskis apartment in San Francisco,
Chesky looks tired. He hasn't
sleeping well and the
some air being bees, declining businesses weighing heavy on him. Just
he logs on and waits nervously for all attendees to join,
their meetings, are now on. Zoom is the weak
but he's called an emergency board meeting to strategy eyes. Chaskey kicks things off thanks everyone
winning at such short notice. I know it's a stressful time for everybody, but this is urgent. The stats
be be. Cancellations hit my inbox like a bomb. In the last eight weeks we lost eight percent up just then
skis screen freezes. His mouth is over
both eyes shut one board member in rubs, sigh Brian. I think we lost you for a second. Can you repeat that for a moment it almost sounded, like you said, eighty percent
they're, just keys base on freezes and he leaned forward Soria. Yes, I did say eighty percent eight zero, not one eight, yes, eight zero in a week's
yeah, when you're in the hospitality industry during a pandemic, you're going to take a hit. So the question
What do we do about? It? Chaskey looks at the board members,
who are situated in little squares on the screen? Now
don't seem to be moving.
Their faces are still lifes of fear and concern
now you guys are frozen nowhere, we're not frozen. I think we're all just in shock in trying to figure out what to say. Ellison Brian personally I gotta say I'm angry. You change the reef on policy without consulting us. Just scheme would stand
I am sorry, but this is a whole different game. Now I did what I felt needed to be done to keep our guests happy. We can't afford a backlash from our hosts
well now look where we are former American
Brass Co. Ceo Kenneth Shannara, interrupts. Look. If I may, I think we need to focus on next steps, not what has already been done. Brian is right. This is going to be bigger than nine eleven and the two thousand and eight recession combined Brian. This is your defining moment as a leader in order to survive, air Bnb needs to cut costs with job cuts, with job cuts
budget cuts anything and everything. Then we raise more money that way. Air Bnb can stay afloat while this pandemic passes in the next few months. The angry.
Board member jumps in
you going to raise money in a market like this. Everything is so volatile right now I don't know we're going to have to try. I think cutting costs is our best bet.
Hopefully, revenues will recover by the second half of two thousand and twenty. So what do other people think what happens if the pandemic last much longer than we expect? What happens if revenues don't return in the second half of the year, Jesse puts his head
his hands we'll cross that bridge. If and when we come to it,
a few weeks later
ascii lays off twenty five percent of air and B's workforce. It cancels
eight hundred million dollars in marketing spending the company
don't know if this is a fix or a band aid
AIR Bnb is no longer fighting to best New York's government
for his life.
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May twenty twenty
New York, a woman sits at a desk resume call airpods
snug in her ears.
Next room. Her husband responds to a slack message. She she's
Also, she gazes out open window tree
he's been in the breeze and
smell hyacinth, they are
the thousands fleeing their apartments in search of space both indoors and out they ve been
homes in the suburbs or even the countryside to ride out the pandemic and air being has made that possible
hey honey, I'm going to take the dog out quickly and then I got to one p m
when presses meudon, fixer camera off quickly sounds good I'll, be office colony. Few hey
to make lunch with the stuff we got at the farmers market?
sounds awesome. They might not be
I bars here, but that farmers market rules.
The transition to country living has been easier than they expected.
did subways grocery store lines. Dense apartment blocks their great
for the fresh air and ice
It walks by the way I was thinking,
we should extend our booking through the fall
Who knows how long this pandemic will last and it's supposed to be beautiful?
It's that time of year he smiles
sure that's fine,
I'm in no rush to get back to the city, there just
two of the thousands of new Yorkers who fled the city at the outbreak of the pandemic.
And professionals like them took the opportunity to work from home.
Someone else's home, preferably
driving distance from their city dwellings. The process,
you're bookings for entire homes rather than single rooms, goes up as
does the length of stays, and that gives company
a much needed lifeline, miraculously
they resuscitate air BNP
by July guests book stays at the same rate as they had been just before the pandemic. These
bookings, coupled with targeted budget cuts
begin to work.
Company is right. It itself. Chest
watches the turnaround with a massive sense of relief. Now
As just one more item on his checklist. Raise money
lots of in India.
number twenty twenty air being
he goes. Public
scores, one of the biggest first day stock rallies on record each founder.
is now worth more than ten billion dollars.
it's a huge win for AIR Bnb and its investors they've gotten rich
though many would argue they did this at the expense of people in neighborhoods, where housing was already scarce and expensive January. Twenty two,
One Jesse's home in San Francisco: he is
still working remotely like much of his workforce.
since the IP. Oh, he can't resist the giddy impulse to keep checking the stock price. He smiles
its trading at around one hundred and fifty dollars a share
is considering it started trading it half their air being bees
Unable to turn its business around, but he
El hasn't figured out how to translate this momentum.
And getting New York City behind him, the Crystal Hain,
Air being bees head of public policy Haber, I and you see the stock price Chaskey chuckles who
yeah, I'm still busied myself. We pulled off quite a turn around there, hey speaking at turnarounds. Let's talk about New York. Ok New York has been hit hard by the pandemic. Ripe tourism has gone down the drain where over the shock of the pandemic, vaccines are gonna, be rolling out soon, and I think that means that governments going to be an hour tail again. We,
had a little break. I know, but I expect the New York City Council is going to be back in session soon and when that happens, they'll be all over us again yeah. I guess you're right,
would be the perfect time to make a pre emptive step exactly. I just think we have an opportunity here. I say we work on a report that explains how air be it be. Can help New York cities, financial recovery,
love it? Let's call it air B and B in New York's recovery should be synonymous
the anti European Bee Council members. Don't quite see it that way.
particularly it Rivera and answered Johnson. They intend
a tame air being be and what they come up with is a bill.
It's tough on the hosts now hosts have to
register with the city and Sir
fi that they are the owner or tenant.
they also have to confirm the areas in the dwelling will be rented and at home
It doesn't violate any laws, including the building's bylaws, but there's one hitch
Mayor De Blasio was expected to sign it into law, but
he leaves office before he does and that,
throws a major wrench in the city. Council's plans
in January, twenty twenty two, a new mayor,
takes office as of February
Twenty two married
Eric Adams has yet to sign the bill. If he does it'll take
twelve months for it to go into action plenty of
time for new, unexpected curveballs
to be loved by both sides,
Today Airbus and be remains in limbo regarding the illegal short term, rentals on its side and thousands of air being bees in New York
and around the world, are still operating in a legal gray zone,
A clear winner in the battle of AIR B and b versus N Y C, yet
Air Bnb has come a long way from a website to rent out an air mattress in someone's home. It's made it possible.
For travellers to stay in homes and unique places around the world, not just in city
With hotels nowadays,
Is it just common place to book an Airbnb as a hotel? In fact,
hard to imagine a time before air being B
the pandemic has proven
be in these also changed. How we work in May.
In the future it will become commonplace to work while traveling year Round
asking himself bound to work and stay in a different city for two weeks. At a time in twenty twenty two
today, air B and be as a huge, publicly traded corporation valued at
one hundred nine billion dollars evangelists
It is the most successful enterprise of the sharing economy.
though, as we ve learned plenty of air, be in these, are about home, sharing at all chaskey,
with the help of the pandemic,
the chief, what he set out to do when he hit a speed bump in the big apple
air, be so popular and so big
that even a city as powerful as New York can't turn off its lights.
The.
next week on business wars. We round out our season on AIR Bnp versus New York City with Sir
the writer Natalie Robot, mad and Olivia Corvo tech Rapporteur for Bloomberg, we're going in
after AIR B and crisis response team
and the incidents they've kept under wraps. That is,
until Olivia and her team brought them to light in an explosive investigation. It's an
so you won't want to miss if you like.
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from wondering. This is episode three of air being deeper, is New York City for business wars. Quickness
that recreations you've been hearing in most case
We can't know exactly what was said: the scenes of drama decisions, but their based on historical research. I'm your host,
David Brown, Natalie Rubber, wrote this story. Voice
by by Michel, Philippine ACE Anderson,
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Dave shilling or executive producers or Jenny Load button and more shoulders created by or Non Lopez, wondering from wondering I Mickey Boyer host of the new pod cast call me curious. Look were all on twenty four seven information overload on our new speeds are in boxes on Tik Tok. That's why I'm bringing you call me curious. Ipod cast that finally gives you definitive answers to life's burning questions like does intermittent fasting really work. Should I buy crypto every week on call me curious, I'll dive into all the things you ve heard about, but don't really know about all both learn
and laugh along the way as we explore life's little mysteries. The internet's hottest topics and burning gotta know questions like what are the mathematical odds. There is other intelligent life in the universe, or is it true, you can't die in your dreams. You'll find out with me and some of my hilarious friends on my podcast call me curious, listen to call me curious on Apple podcasts, Amazon, music or wherever you listen. You can listen early, an ad free by subscribing to wonder e plus in apple podcasts, or the wander app
Transcript generated on 2022-03-28.