L.A. County AirBnB host revenue and visitor spending will generate about $906 million in overall economic output annually, according to a study from the Los Angeles County Economic Development Corp. commissioned by the company.
Overall economic output included direct sources of revenue, including visitor spending; indirect sources of revenue, including money paid to suppliers; and induced sources of revenue, or the household spending made possible by new jobs and earnings created by the direct and indirect impacts, LAEDC said.
The San Francisco company announced the report’s findings Tuesday, the same day the Los Angeles City Council’s Planning and Land Use Committee was scheduled to consider regulations for short-term rentals. The council instructed staff to further research the issue.
LAEDC used the amount of revenue generated by hosts in the city of L.A. from May 2016 through April this year, as provided by AirBnB, to project the overall economic impact on the county.
Retail, restaurants and hospitality reporter Caroline Anderson can be reached at firstname.lastname@example.org. Follow her on Twitter @caroline_mander