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.