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S.F., Oakland And Berkeley Seeing Over $600M In Economic Activity Thanks To Airbnb

San Francisco skyline

Airbnb may be at odds with some cities across the country, but the San Francisco-based home-sharing service says it's benefiting the local Bay Area economy. Recent data from the firm revealed its service led to $478M in economic activity in San Francisco and $128M in Oakland and Berkeley from October 2015 to October 2016, reports the San Francisco Business Times.

As of Aug. 31, 2016, guests served in San Francisco reached 429,000, an increase of 30% compared to the previous year. Oakland and Berkeley’s guest count reached 123,000, an increase of 54%.

These guests spent $107M at restaurants during October 2015 to October 2016, but the money was spent outside of urban cores. About 74% of Airbnb listings are outside of hotel districts, and 56% of guests said they ended up spending more on meals and shopping since less money went toward a hotel room.

This news falls on the heels of S.F. Mayor Ed Lee vetoing recent legislation on a 60 day/year cap on short-term housing rentals. [SFBT]