Airbnb facing new restrictions in Canada

The CEO of Airbnb believes his company is “fundamentally broken” according to an interview he did with Bloomberg.

The accommodation giant faces competition from other businesses like VRBO, and challenges with governments as they crack down on short-term rentals.

Major cities like New York, Toronto, and Vancouver created bylaws around them – along with British Columbia’s provincial government, who recently passed legislation restricting them to primary homes only.

That legislation got a co-sign from Deputy Prime Minister Chrystia Freeland this week, who also says the federal government will look into how they can turn more short-term options to long-term ones.