One year later, there were 15 people working from Chesky and Gebbia's loft apartment on Rausch Street in San Francisco. To make room for employees, Brian Chesky gave up his bedroom and lived at lodging booked via the Airbnb service until the company moved into its first office space. In April 2009, the company received $600,000 in seed money from Sequoia Capital and, in November 2010, raised $7.2 million in financing from Greylock Partners and, again, from Sequoia Capital, in a Series A round, then announcing that out of 700,000 nights booked, 80% had occurred in the previous six months.
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Miles can be redeemed for a variety of benefits and privileges, including award travel and flight upgrades. Use the miles to book a trip or move up to the next cabin class on most domestic and international flights. Members can even redeem the miles for car rentals, hotels stays, and vacations in over 500 destinations around the world. Miles can also be donated or used for magazine and newspaper subscriptions, gift cards, or identity theft protection.
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In February 2015, Amsterdam implemented a cooperative effort with Airbnb that incorporated a tourist tax on rentals and Airbnb's agreement to ensure potential hosts are made aware of required rules and regulations. London passed an amendment to its housing legislation in March 2015 allowing short-term rentals of up to three months a year.
Airbnb is criticized for its impact on housing affordability, sparking protests, and for its related data management. As of the beginning of 2018, several studies found that rental prices in many areas increased due to Airbnb, as landlords kept properties off the longer-term rental market and instead get higher rental rates for short-term housing via Airbnb. Landlords have been accused of illegally evicting tenants in order to convert properties into Airbnb listings. In San Francisco, the issue led to protests in November 2015.
Some cities have restrictions on subletting for a short period of time. Airbnb has published a list of regulations and requirements for cities in the United States. In some cities, collection of a transient occupancy tax by Airbnb is required. In many cities, hosts must register with the government and obtain a permit or license. Landlords or community associations may have restrictions on short-term sublets.