Airbnb has spent more than $8 million and hired a top political operative to defeat a San Francisco initiative on the ballot Tuesday that could threaten the growth of one of the most valuable global technology companies.<br />Proposition F, which would limit short-term rentals, was brought by affordable housing advocates fed up with the city's housing stock being used as rentals for tourists while residents face skyrocketing rents and evictions.<br />At stake is its ability to continue adding rentals at the same speed, increase revenue and maintain its $25.5 billion valuation, all of which fall under greater scrutiny as it moves closer to an initial public offering.<br />F campaign, which raised about $300,000 from hotel unions and affordable housing advocates, has discussed its proposal with officials and housing advocates in New York - whose city council is weighing restrictions on short-term rentals - Chicago, Los Angeles and other cities, said coalition cofounder Dale Carlson.
