Airbnb bookings in San Francisco are plummeting. Some property owners report less than 25 percent occupancy and prices dropping 40 percent.
The high crime and homelessness in the city where the company is headquartered is considered the main reason.
Regulation in San Francisco has also been a major factor. Hosts in San Francisco are required to register with the city and pay a $550 application fee, and are only allowed to list their primary residence on rental platforms. Short-term rentals are also subject to the same 14 percent transient occupancy tax as hotels.