Airbnb, Inc. has confirmed the announcement that the popular accommodation marketplace is expected to become a publicly-traded company by 2020.
Despite fierce opposition from traditional hoteliers, the home-rental startup has negotiated regulations that have allowed it to operate in more than 500 cities, from San Francisco to Tokyo, providing access to more than six million unique places to stay in over 81,000 cities and 191 countries.
Airbnb, founded in 2008, was last privately valued at $31 billion, having engaged millions of people worldwide to list and monetise their houses by becoming hospitality entrepreneurs.
In the Big Apple however, the successful platform’s often aggressive tactics have been flagged by the government, banning short-term rentals of most entire apartments in an attempt to prevent illegal property listings.
READ MORE: Athens feels the squeeze as Airbnb spreads
A surge in tenants renting or subletting their apartments without their landlords’ permission, as well as lack of rental properties for inner city permanent residents has called for limitation of the platform’s freedom.
Similar issues have been reported in Greece – mainly in Athens – as well as in other European capitals like Paris, Berlin, Rome and Amsterdam.
Once the New York issue is settled, investors will push for it to go public, Bloomberg reported.
Failure to settle the legal standstill with NY could cast doubt on Airbnb’s valuation and also lead other cities to tighten laws.