US rental giant Airbnb pledges $500 million for emergency stays as boss rejects claims it drives up housing costs

Airbnb CEO Brian Chesky plans to raise the $500 million by setting aside a dime from each booking over five years, with the company making up any gap. The funds will go to Airbnb.org, a nonprofit that Airbnb already finances, with the aim of providing 1 million free nights a year for disaster survivors and people travelling for medical care. Chesky pushed back on the idea that short-term rentals inflate city housing costs, while acknowledging that a small share of hosts do take homes off the local market.