Airbnb down as co set to face more restrictions after EU proposes rules to tackle housing crunch
ABNB•Airbnb shares fall on EU housing rules proposal
Shares of Airbnb (ABNB.O) were down about 3% at $170 as the company is set to face more restrictions after the European Commission proposed rules to help authorities tackle a housing crunch in tourism hotspots.
The shortage of affordable housing has led many young Europeans to protest against the growth of short-term holiday rentals.
EU says proposal aims to support local authorities
"A year ago, I promised to tackle Europe's housing affordability. Today, we are taking one step in this direction. By providing more clarity and support to local authorities and communities, anchored in local realities," Commission President Ursula von der Leyen said in a statement.
Including session's moves, ABNB was up 25.2% year to date.
