Airbnb Hosts Contribute Nearly $1B to LA County Economy
Airbnb rental units in Los Angeles County generate roughly $906 billion in overall economic output annually, according to a study from the Los Angeles County Economic Development Corp. (LAEDC). The report commissioned by Airbnb, detailed the contributions to the region including what visitors spend, payments to suppliers and what households will spend as a result of new jobs and the earnings created as a result.
Additionally, Airbnb supports 7,440 jobs, and activity in the city is expected to generate $39.1 million in annual transient occupancy taxes, based upon the 14% transit occupancy tax that is collected by Airbnb and remitted to the city.
The report came out as the City of LA’s Planning and Land Use Committee was considering short-term rental regulations. The council is having city staff further research the LAEDC findings.
The study included revenue generated by hosts in Los Angeles from May 2016 though April 2017, from information Airbnb provided as a way to project overall economic impact on the county.
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