SECONDS THAT POINT IN MY LIFE,
HOURS ALL RIGHT, THANKS A LOT
OF A LOT OF THINGS THAT
RICHARD ORDERS.
>> IT TOOK TO GET HERE AFTER A
SHOOTING LAST WEEK A MAJOR
PARTY POLICY CHANGES COMING TO
AIR BNB RENTAL COMPANY IS
AFTER A SHOOTING IN AIR BNBS
RENT THE LEFT
5 DEAD. JOINING US NOW IS TO
OUR POLL A COPTER OF RETHINKING
REAL ESTATE AND THE CO-CHAIR OF
THE URBAN LAND
INSTITUTE TECH ALGAE AND
INNOVATION COUNCIL IN NEW YORK
FOR THANK YOU FOR JOINING US
HERE TODAY. THE HOMEOWNER IN
THIS PARTICULAR CASE HAD ORANGE
THE RENT OR NOT HAVE A PARTY
SHE DID ANYWAY BUT TALK US
THROUGH WHY THIS SPECIFIC
INCIDENT LEDS TO A POLICY
CHANGE OR AT LEAST WHY POLICY
CHANGE SPECIFICALLY FOR.
>> FRANKLY IT LOOKS LIKE ONLY
BECAUSE IT GOT ALL THESE MEDIA
ATTENTION AND BECAUSE SOMETHING
SO TRAGIC HAS HAPPENED EVER
BEEN BE FINALLY DECIDED TO DO
SOMETHING
ABOUT IT. YOU KNOW THIS COMPANY
HAS ABOUT 6 MILLION THIS THINGS
AND FOR THEM TO WAKE UP JUST A
DAY AND REALIZE OK MAYBE WE
SHOULD BE A LITTLE STRICTER
ABOUT IT NOW BECAUSE WE'RE
GETTING SOME BAD PR AND MY BILL
TOO LITTLE TOO LATE.
>> YEAH, THIS IS REALLY A DISK
IS BRIAN CHESKY TO SEE YOU OUT
OF IT BEEBE SAID THAT THEY'RE
GOING TO BEGIN TO MANLY STAR TO
SCREEN WHAT
HE IS CALLING QUOTE HIGH RISK
RENTALS WHY ARE HIGH-RISK
RENTALS AND HOW THE TECHNOLOGY
BE ABLE TO FLAG.
>> THOSE POTENTIAL HIGH-RISK
RENTALS OR SOMETHING LIKE THIS
DOESN'T HAPPEN.
>> SO BAKER TECHNOLOGY CAN
DEFINITELY HELP THEIR MEAN I
ASSUME THAT PEOPLE THAT WANT TO
PARTY, THEY'RE LOOKING FOR VERY
SPECIFIC TYPE OF HOUSE AND
SOMETHING
THAT IS NOW YOU KNOW THAT
OFFICIALLY TELEGRAPH IN ORDER
ONE-BEDROOM APARTMENT AND
THEY'RE NOT.
AND THE COMPANY THINGS THAT
ALREADY HAS A TRACK RECORD
UNFORTUNATELY WE PARTIES LIKE
THAT THEY CAN IDENTIFY OK.
WHAT WERE THOSE PEOPLE
LOOKING FOR BUT MY FUTURE
PEOPLE BE LOOKING BUT
ON THAT AS WELL IT ALL BOILS
DOWN TO THE POINT WHERE IF YOU
DON'T CONTROL YOUR ON SUPPLY IF
YOU DON'T REALLY KNOW WHERE
PEOPLE ARE GOING WHERE ARE YOU
SENDING THEM WHO IS WELCOMING
THEM THERE. I THINK THERE'S AN
INTRINSIC ISSUE THERE AS THIS
COMPANY CONTINUES
TO SCALE. AND IT MAY HAVE BEEN
VERY CUTE IN THE BEGINNING IT
WAS A START UP IT WAS VERY
PLEASANT. IT MEANS WELL.
BUT NOW AS IT IS BUMPING
AGAINST THESE GIANTS LIKE
BOOKING AND EXPEDIA
I'M AREA AND INCREASED
REGULATION AND THEY'RE PLANNING
TO IPO OR DO A DIRECT LISTING
NEXT YEAR ALL OF THIS IS NOT
ONLY DRAWING ATTENTION. AND THE
COMPANY I THINK
WE'LL HAVE A BIG CHALLENGE
BALANCING BETWEEN THEIR NEED TO
CONTINUE TO GROW AND THEIR NEED
TO BECOME MORE SUSTAINABLE AND
THEY'RE OPERATING.
>> LET'S TAKE THE AIR BNB CAN
ENFORCE THIS KIND OF THING AND
CHRIS CONTINUE IT ACCELERATED
GROWTH TO CRACK DOWN ON THINGS
LIKE THAT.
>> AFTER SAY THAT I'M NOT VERY
OPTIMISTIC. I THINK THAT.
>> THE WHOLE MODEL IS BASED
ON UP RATING IN A GRAY AREA AND
YOU KNOW THAT'S THAT THAT'S THE
BEAUTY OF IT FROM AN INVESTOR'S
PERSPECTIVE, BUT IT ALSO MEANS
THAT YOU KNOW THERE IS NO WAY
TO BE FULLY IN CONTROL OF IT.
DEFINITELY NOT SOMETHING YOU
CAN PULL OUT OF YOUR SLEEVE,
YOU KNOW WITHIN 6 MONTHS IN
ORDER TO PUT A HAPPY FACE ON
SOMETHING AHEAD OF AN IPO AS I
THINK IT WILL BE A VERY
CHALLENGING YEAR
FOR THEM.
>> ALL RIGHT LET'S SWITCH GEARS
AND TALK ABOUT SOME OTHER NEWS
IN AIR BNB AS A PART OF HIS
WELL THEY'VE ACTUALLY PUTTING
ABOUT $4 MILLION IN CAMPAIGN
THAT'S AGAINST THE PROPOSAL FOR
SHORT TERM UNTIL REGULATIONS
HAPPENING
IN SURE THE CITY COULD YOU GIVE
US SOME CONTEXT INTO THAT AND
DO YOU SUPPORT THAT SO EVERY BE
SPENDING MUCH MORE THAN THAT
EVERY YEAR ON LOBBYING AND
CORPORATE COMMUNICATIONS.
>> I THINK ACCORDING TO A
REPORT BY COREY WEINBERG AND
INFORMATION TO SPEND ABOUT
A $100 MILLION A YEAR THEY
EMPLOY ABOUT 300. ALWAYS THE
PEOPLE UNDER CHRIS LEHANE WAS
LIKE VERY VERY BIG
POLITICAL OPERATOR. PREVIOUSLY
THE CLINTON WHITE HOUSE ARE NO
SERIOUS PLAYERS AND BIG
LOVING OPERATION. AND AGAIN
THERE AS WELL.
I THINK THAT THAT WE'RE JUST
GOING TO SEE MORE AND MORE OF
THAT MORE CITIES COMING
TOGETHER AND SAYING HEY YOU
KNOW WE DON'T
LIKE THIS. AND THERE ARE
EXTERNALITIES HERE THAT AFFECTS
ALL COMMUNITIES
AND AS NICE AS IT IS MAYBE FOR
THE HOSTS THEMSELVES OR FOR THE
GUEST. THERE'S ANOTHER SUMMIT
OF CONSTITUENTS HERE THAT NEED
TO BE A TAKING INTO ACCOUNT.
>> CONTACTS REMIND US OF WHAT
THOSE NEGATIVE EXTRA NOW THESE
ARE OF ALLOWING THE SHORT-TERM
RENTALS FOR THE ENTITIES THAT
ARE HARMED AND WIRE CITIES
PUSHING BACK.
>> SO MANY NEIGHBORS, I MEAN.
OBVIOUSLY THANK GOD. THERE'S NO
SHOOTING EVERY TIME RIGHT
NEIGHBORS DON'T LIKE THE FACT
THAT PEOPLE JUST WALKING IN AND
OUT OF THE ROAD KNOW HIS
LUGGAGE THAT THEY MAKE NOISE
AT THE GENERALLY THEY'RE NOT
COMMITTED TO THE LONG-TERM
HEALTH OF THE BUILDING IN THE
COMMUNITY AND THEY'RE JUST
THERE FOR A COUPLE OF NIGHTS,
I MEAN THEY MIGHT NOT BE AS
NICE TO THE ELEVATOR BUTTONS AS
SOMEONE WHO'S ACTUALLY LIVING
THERE.
LONGER TERM AT THE GENERAL
LEVEL OF SAFETY TODAY YOU WALK
INTO A BUILDING MOST BUILDINGS
HAVE DOORMAN OR AT LEAST SOME
SORT OF TECHNOLOGICAL SOLUTION
WANT TO GIVE OUT OF PEOPLE
ACCESS TO IT, YOU KNOW PACKAGES
START TO DISAPPEAR AGAIN
THEIR NOISE. PEOPLE WHO ARE NOT
FULLY COMMITTED TO A LONG-TERM
MEMBERS OF THE COMMUNITY.
NOT NECESSARILY HAVE THE SAME
INCENTIVES TO TAKE CARE OF THE
BUILDING.
>> BUT THIS IS GOING TO BE
SOMETHING WE'RE GOING TO
BECAUSE THIS IS AN ISSUE AS YOU
MENTIONED WE'RE SEEING POP UP
ALL ACROSS THE COUNTRY IN EVERY
SINGLE CITY IS GOING TO BE AN
ISSUE WE'RE GOING TO
SEE IT VOTED ON IN THE BALLOT
BOX BY LOT OF LOCAL
CONSTITUENTS. I THINK WE'RE
GOING TO SEE MORE AND MORE.
>> OF UNFORTUNATELY, EVERYBODY
HAS VERY
STRONG IN WELL CAPITALIZED
RIVALS, I MEAN WE MENTIONED
THEIR LOBBYING EFFORT TO GET
HIS SIDE OF THE HOTEL COMPANY
LIKE A TRADITIONAL MULTI-FAMILY
LANDLORDS AND I THINK GENERAL
LOCAL POLITICIANS ARE HAPPY TO
CAPITALIZE ON WHATEVER ISSUE
POPS UP AS SO WE ARE DEFINITELY
GOING TO SEE MORE AND MORE OF