years paying off a 40 years old working hard to have a roof my neighbors encouraged me to sign up for airbnb a great way to sprument my income they pay the property taxes and that economic curb on is great you may call me and hosted rental my that is a bedroom will not be part of the housing stock airbnb is fine for a few days otherwise my grandkids need my room this is not a hotel i'm not looking for a permanent roommate supervisor campos is my supervisor but not wanting to support that low income folks and seniors to supplement their income i compromised with the certificate number one for those living in our homes scrape 9 cap how many days we can rent and casting a large net will have unintended consequences thanks for listening. >> good afternoon arrest my name is natasha i lived in san francisco where shared guest room awhile our family is visiting this is a disappointment the tax collector said there was a influx of people i waited four hours to speak to a starve i was september from an employee to an employee because the computers don't talk to each other they said their information

register in our area the way i see this were with with small business airbnb is a small business we have to get permits and department of public health and vitals them twice a year we hear all you have to do is a follow the rules airbnb is a business it needs to be regulated we're here in support of supervisor campos legislations if so well-balanced and fair our businesses are not doing well in the politician a lot of the clients have been displaced and some neighborhoods maybe making more money and other neighbors are not we're not profiting from airbnb's in the mission. >> kmhi allison park lee anderson son lived in noah valley neighborhood first of all, thank planning commission. >> i'll tell you about my housing experience having people stay at my home allows me to stay in san francisco home sharing makes that possible for me to be able to stay in my home and allows me to show people from around the world when san francisco is is allows a velocity a peak another what san francisco see i also suggest restaurant and take muni or taxis and patries i have questions about that reggie

after my children and grandchildren moved out they airbnb gives me the option of renting my guests are wonderful people and love being able to stay in a neighborhood rather than a hotel downtown i provide them with a book of noah valley maps and other materials i am able to maintain and put money into my one hundred and thirty-year-old victorian throughout history retired folks rent out rooms boarding houses my grasps did it please could a not add in law another disadvantage to us folks to- if the one hundred and 20 days i'll loss half any income thank you for your time and consideration and do the right thing and let me host airbnb guests let's give this law a chance it does need help thank you arrest. >> i'm a co-founder we host a few hundreds hosts we're about creating fair housing policies for all home sharing allows our members to have a current space it is expensive for renter or owners to live in the city renter need to save for the future awhile homeowner have to pay property tax our property tax is tens of thousands of dollars home sharing hepatitis chinese and others being pe

agency and i used to have a a lot of folks in the neighborhood i've no place i'm give them back to airbnb it is huge that i have that place to refer to there's a definite need ucsf alone i have almost inclusive medical people that come in to interning usually 3 months or more we need it that's all. >> next speaker and hi there i'm trying to keep this short i've been host for almost 6 years from airbnb a guest room my wife and i rent out i came here to encourage you to give the law we argued about for 3 years time to work and in place over two months and we need to give it a chance to see if it works during the first month obamacare now 1 seven months more than thirty million at the beginning of a new law things are slow but time it will work as intended this law has been in place for 3 months and hosts are signing up give it went work how it will work i'll convicted add that planning adds thousand of pages we're a complaint process a way for people to complain and stop leveling rentals give it a chance to work thank you. >> good evening. i'm jenny moons own a same single-family in betsy w

home in 2010 a so-called friend defaulted me from a home savings he left me with a pile of debt and airbnb is a beacon of light in a dark tunnel my hosting is an extension of pride in my city i looked at it to a day i'll be able to see a few giant games and go to the american people are a and blaelts i meet new folks for hosting and live my life the without thought of leaving airbnb represent to me and one hundred and 20 day cap is no acceptable it makes a big difference to me i remembering ask you have respect for me and other people and not minimize the number of nights i can have in my home thank you. >> i want to appreciate you i can't believe you're still here milestone my brain is not working well but i wanted to ask how many people have tried to rent a place in the last year tried to rent there just two great so i was in my home for 20 years and born and raised in city government san francisco and my parents are homeowners i get it it breaks my heart the amount of people that use the term rent they won't rent to me is singularly what they are saying i had to leave my home and trying

>> next speaker and hi there i'm trying to keep this short i've been host for almost 6 years from airbnb a guest room my wife and i rent out i came here to encourage you to give the law we argued about for 3 years time to work and in place over two months and we need to give it a chance to see if it works during the first month obamacare now 1 seven months more than thirty million at the beginning of a new law things are slow but time it will work as intended this law has been in place for 3 months and hosts are signing up give it went work how it will work i'll convicted add that planning adds thousand of pages we're a complaint process a way for people to complain and stop leveling rentals give it a chance to work thank you. >> good evening. i'm jenny moons own a same single-family in betsy we've would here in this supply and raised our kids i work apartment and my husband is a public teacher because of the rising costs of expense we rely on home sharing we need to be able to rent the two spare bedrooms for 365 and 90 days or one hundred and 20 days will not help us pay the bills we'll

vision zero person and speak for no one else but myself i'm a coalition of one i'm american people airbnb host i live in high unit the room is my home sharing unit i take care of the guest and clean the rooms myself it it wasn't for a home sharing approach i wanted of would be homeless it helps me to pay my rent when i couldn't pay the rent on my oppose i was a person at save woo and other places to - i don't know, there should be a limit on how many nights in a unit because i'm there to take care of each and every guest there are people that like myself who i don't know myself as disabled i work and take care of everything on my home i have help with how website i ask you not put a 4ri789 only home sharing sites where the host lives there. >> thank you. okay going ahead and calling names (calling names) in any particular order. >> mccain republican howard i'm very concerned about the short-term rental of unoccupied unit in residential neighborhoods this is an essential the fact of the rezoning for residential to commercial that is turning every building into a potential hotel this didn't

i live in one bedroom that barely pays my bill so let us have the full use of airbnb service thank you. >> good afternoon, commissioners i'm the founder the home sharers of san francisco a support group for the hosts we have 17 hundred folks i'm the co-chair the democratic club i want to ask you to not adopted those protections more seriously their harmful to the city and county of san francisco in the brief time i have i'll highlight a few concerns number one the caps on short-term rentals will do nothing for growth it makes no sense to cap all rent hosted or unhosted the estimation to bleed that the source of income for low income families the expansion of the prior action to include the hosts is truly offense i have the right to take hosts suspected of violating the ordinance directly to court so extending the rights to neighbors pits neighbors against neighbors a southern so preserve the quality of neighborhood that flies in the face of those concern the bureaucratic is not more effective we oppose to the private information and those of our guests this data disrespects our privacy

and by the way 96 people took it opening half from the list half of the people were actually users airbnb or planned to register i was interested in the feedback to figure out how to move forward and 55 people or 53 people said they strongly agree that airbnb and other platforms should require proof of registration and thirty percent said they should share adequate data this end up looking like supervisor campos said set a date by which platforms have registered hosts and after that date put a fine of 5 hundred supervisor campos said a thousand for non-registered hosted this is incentives for the platforms to work with the style system and putting all that money into supporting that and all short-term rentals platforms should share their address and data and computer programs to figure out how to figure out how many people have. >> ma'am your time is up. >> and richard had a question and it is really up thank you. >> truly up. >> good afternoon, commissioners i'm with the hate ashbury council airbnb a big corporation billion dollars in capitalization right in value it is hiding behind tho

conway and others who have invested heavy in airbnb may think they can dictate what happens ♪ building hope that through our action this commission the board of supervisors will keep in mind that that is not corp is run san francisco that run the planning department but this department and the policy of this city is ultimately driven by what is right for san francisco and not by what is right for the bottom line of a major political contributor (clapping) thank you >> i'd like to invite supervisor farrell up. >> good afternoon, commissioners commissioner president fong thank you for having me here today for a second i thought that supervisor campos was looking for airbnb employees i thought he was looking me proud to be representing folks in the second district and talking about the amendments last year our board of supervisors came together with input from the planning commission thank you to planning staff and everyone involved last year and this year at looking at the issues to pass a recommendation 40 for airbnb it is extremely complicated but ultimately we derived a fraction for a

. >> good afternoon, commissioners i'm with the hate ashbury council airbnb a big corporation billion dollars in capitalization right in value it is hiding behind those mom and pop's where are they their sending in small people for reasons to have more money acting like they're not a big corporation it is trying to influence san francisco against it's best interests short-term rentals are a business and having a 60 day limit is feasible people who want to rent out their home are apartment or a room or bed it is a business because they're getting money for a service and if they want to do more than 60 days get a airbnb obedience or license it is feasible growth is the key of any legislation a registration naub number needs to be required for all mrofrmdz all platforms needs to provide data to san francisco on a timely basis like quarterly a number of nights rates charged if they don't collect the money provide the names especially, if they don't say a rental number so the city can check a cut off if a party had their unit rented already 90 days and penalty for the platforms hey, let's

campos amendment or whatever it is and mainly because we need regulation we need to know who's doing airbnb we need to know how often they're doing and so they can pay their fair share of taxes oh, there's too much this and that but the navigate they're trying to cheat somehow and i don't think it is right people they're going to be doing airbnb sharing our house is one thing having an entire empty building to do at&t park a wrong do we want people to live here or tourist to come hornl honesty to god it is simple decision. >> >> thank you. next speaker please. >> hello, i'm a 18 year san franciscan resident 14 in the mission i'm a homeowner and small business owner and father of two and i've been an around host in the mission for the last 3 years the income that has jade from airbnb has loudly my family to cover the cost of health care because i'm a small business owner i pay for health care on my opinion my own it is not clean up any cap or restriction on hosting puts a real financial strain on me and my family the unit we have a tiny in-law unit that didn't have a kitchen is booked betwee

she built the an illegal unit for airbnb i don't know if strangers as i share my brashgd a intruders she lives in the building and makes our life hell it may seem like i'm young and can find another place to live i worked for the nonprofit and government i can't for the record the medium rent of 44 so a month others have been evicted and you or your family and friends could be next you could put your life on hold for years and not visit family out of town because the landlords says an eviction will come soon if you allow airbnb for one hundred and 20 days a year more people like me will get evicted even for full-time respecter for 60 days when rent control was removed the housing supply doesn't increase but the rent did i would love to know how many of you are tenant and what would you say yes to supervisor campos this is not an entire home thank you. >> thank you. next speaker. >> good afternoon possibly good evening, commissioners david owen with airbnb this is a lengthy might want year with countless hours i want to thank the commission and all the folks that came out to share the

unenforceable and rather than talking about genetics if i can cite an of somebody who list off the airbnb listings today hey, i'm carolyn my husband and i own a hundred property in san francisco? a business for us we don't live in those apartment we special in short-term rentals we diesel with vendor who make sure our firms are well maintained and tenant get great customer service center who's this person google is wonderful this person is carolyn connor and she runs a astounding recruiting firm here's her phone number and address if the planning commission and the board of supervisors have followed the planning department recommendation last year that all hosting platforms not list unit that are not registered that the city those 3 unit shows advertising will be available for permanent rental they not think short-term rentals but that doesn't happen we submitted that to planning last august and it is not hard to find this person nothing has happened she's still taken off 3 units of affordable housing market in san francisco most important recommendation that you can follow is to require

take those numbers as guidelines i was trying to estimate revenue i don't have booking data from airbnb so it is not possible for the exact number of revenue but you're able to get a general sense so the assumptions i made is that each liz was rented for the average days that's been 5 days per booking then we do know that reviews are under recorded by some instances and reviews for the way i tried to proxy to estimate houchltd their rent and inflated the number i ended up with a range of a minimum to guesses as what is happening in reality without true numbers from airbnb. >> even with our high-end estimate it must be low enough you can make the conclusion that you can allow one hundred and 20 to one hundred 80 days if the money that is gapped from the short-term rental is not accurate certainly the landlord makes more by renting it to a permanent resident for an entire year that is an important point you made in our report i would think this is how you came up with that. >> absolutely the breaking analysis what was more possible not necessarily whether airbnb is profitable at all that'

is a redaction of numbers of folks in the registry i'm a happy to have a implication with airbnb about must not to protect this information the eight is the criminal penalties against hosting platforms under the curiosity allow and we're amending this to allow for the penalty to be against platforms as well and let me close by saying i'm greatly disappointed by some of the recommendations of your staff which again recommendations that essentially led to a different position the staff is recommending against hosting platforms of data i don't know how you can talk to that and change our tune they've asked for the removal of the abdomen at the landlord this is a mistake they have interests and the staff is recommending a expedited right of action for interested parties again, that is a mistake enforcement requires the individual have the right to pursue the right of action and staff extorts a hundred 20 day cap that goes too far but i'll close with that what happens or doesn't happen it send a clear message how we do business in city and county of san francisco i believe that home sharers

rent control to new buildings as well as the old i don't know the answers but it is not changing airbnb to one hundred and 20 days not going to make any difference so i think that is sort of being used as a scapegoat and sort of inappropriate and that people should be able to share their homes for as often as they wish thank you. >> thank you. >> good evening, commissioners i have a cold i'm a relating new hosts my daughter left for college i am recently divorced but i'm fwoosz a empty nest and considerable higher mortuary airbnb helps older folks stay in the city as you've heard but the limited number of days does not protect affordable housing instead it is 20 days lost hotel revenue for my place alone the proponent of the amendment say the short-term rentals effect the character my guest are here to attend wednesday morning and furnld and contribute spending $200 in caregivers and store these are travelers that wouldn't sigh overnight in a high-priced hotel room what is changing the incredible money thanks to tax breaks and monster homes and tearing down homes to build skyscrapers if

>> by the way i'm glad to see the representatives of airbnb if they're in the room part of the challenge is that at&t park has been missing in action this is the crux all too that is said and done the planning department has said a complaint driven engrossment is not going to work some skin in the game for the host platforms airbnb is by far the most important in san francisco with 5 thousand listing on their site a multiple million dollars company so successful that cities across the world is trying to get them to comply with local laws the airbnb has the data to enforce the law he make money off every night a room is booked this company that has been and continues to be the reason why this data has not been shared with the city and county of san francisco i'm here to submit a radical proposition it is not the job of the planning department the board of supervisors or the mayor to write legislation that protects the business practices of a corporation simply base this is worst a lot of money and has a lot of political influence that is the job of our city government to ultimately protec

airbnb is still restricted by existing laws.hey cannot hire anyone in cuba they cannot put employees there, they cannot offer these properties to non-us residents -- at least for now. they are operating with one hand tied behind their backs, but because you mentioned, the model is so frictionless, they are able to spin off and offering very quickly. cory: indeed they are. redstone, i will see you -- brad stone, i will see you at sfo in what, in our? -- an hour. we will bring you the very latest from iran after the break. ♪ cory: welcome back to "bloomberg west." i am cory johnson. in lausanne, switzerland, it apparently strokes have been reached between iran and the international community. peter, what do we expect from this press conference? peter: we expect to hear again the terms of this framework agreement between the nations and iran. so far the european union, iranians have expressed positive views on what transpired here. we will wait to hear from the united states as well as her they are totally on board. john kerry and

and airbnb alone and $250 million was payrolling paid for the monies received from the legislation they contributed taxes to the city a couple of things i don't want to support in those legislation pieces i'll bring that out this private right of action a stranger strange it was explained if the city has an ordinance the city has a importing it if someone is breaking the ordinance and the city has to step in it is not for other people people can't sue for something involving a city to me is an opportunity for lawsuits it is up the city to enforce the laws and something going on with the neighborhood with short-term rentals if i give the nonprofits the ability to do it they'll through monkey whenever they said home sharing helps local businesses from the downtown areas you shop and eat around that areaways that is close so i think one thing i'm going to have to raise the foe 50 bucks to register you have to get up to 50 or one hundred a year to do the enforcement and streamline the process many speakers said i wanted to register it took effort it was decided order parrot of the problem i

airbnb wants to cash in on cuba.nd travelers to cuba can book rooms through the online rental service. cuba may become one of its biggest markets in latin america. in january, the obama administration made it easier to do business in cuba. airbnb is among the first companies to establish there. those are your top stories for stop coming up in 10 minutes tim cook and ceo's are making their voices heard in a bid force executives to speak out on social issues. plus, the top dogs of the bloomberg bracket. we will see how cisco's john chambers is doing. he is not the only one. stephanie: i certainly did not pick one. wages are rising underneath the golden arches. mcdonald's is increasing salaries to nearly $10 an hour, and will start offering vacation time but it only applies to locations that are company-owned, and about 90% of mcdonald's restaurants are franchises. woh-woh. so most will not be effective. bloomberg intelligence analyst jennifer -- i cannot say her last name. she covers restaurants. jennifer, is this goin

that is the kind of experience that airbnb can offer. your move is being described is much more substantial because it can put money into the pockets of cuban entrepreneurs. what is it like from your point of you trying to get those household owners onto your site? e-mail is tricky, the internet is incredibly limited in cuba. what is it like trying to do business in cuba at the moment? nathan: in cuba there has been an existing industry around home sharing for many decades. there's not a lot of hotel infrastructure. people have been renting out their homes for many years to make extra income. this is probably the only country i'm aware of that has such a rich tradition and home sharing. this is an existing network we were able to plug into very quickly. you are right that there is a lack of internet penetration. a lot of these properties were being advertised through intermediaries or through friends who have internet connections. we have worked with these partners to help on board our staff and properties in cuba as of today. anchor: i

whereas airbnb is different.b is like this mass movement, where everyone is staying in other people's houses worldwide. jessica: we were skeptical, though. i just remember thinking, we don't really care what the idea is. these founders are awesome. we are funding them. paul: patrick collison from stripe, i have known since he was, like, 14. back when he was this high school kid in ireland, he used to email me questions about the lisp programming language, and i had no idea he was a kid. emily: now that these companies are worth multi-billions of dollars, when you look back, if they had had the opportunity, would they have sold? paul: almost everyone, if someone came along with a big enough offer at the right moment, would have taken it. we do know with drew, actually, because in the y combinator application early on, we used to ask, if someone came along and offered you money for your company right after y.c., what is the least you would take? i think drew answered $1 million. so it's really convenient for everyo

one thousand $4 an lobbying and had thirty visits now multiple appearances by people on behalf of airbnb legislation onto the code committee are the building inspection commission at the various on-line other commissions two or three hearings to the board of supervisors and multiple hearings for people were present that makes you wonder weren't there expenditures by lobbyists to get people out to print the material and do any of the work to generate the numbers of people and the numbers of times i'm suggesting that's the basis i'm glad to her want you're talking meetings years ago when in was fissure staff we i was on the commission we had military meetings during the course of several months there you are more public hearing rooms in this city hall then people know room 43 in the basement and hearing room in the back of 408 i'm not sure if is 408 but one time we had that room available crowded yes but room for the public and. i want you to understand that i applaud your mentioning specialometers you need to consider on the topic of pending legislation and possible ballot measures but ex

guest: what about the airbnb? i think airbnb is an amazing bank that if come to prominence here in the last couple of years. i have had several great experiences with airbnb. it is interesting with us because we are trying to guide people to have unique experiences. that is what lonely planet is all about. survey the earth on behalf of people who want to travel, and airbnb, their egos is to provide that experience, so we are a big fan. -- there -- their ethos is to provide that experience, so we are a big fan. brad g.: priceline and expedia continue to grow quickly, notwithstanding that airbnb is on a rocket ship, changing the way we do this. brad: amazon, they have started to integrate travel bookings. is that a model that fits with the amazon paradigm? brad g.: i think at the end of the day, they have to provide something unique. in fact amazon, most people forget, tried to get into travel 15 years ago and ultimately decided to get out of their partnership with expedia after it really failed to gain consumer att

i quit my job, start airbnb.never got that job with health insurance. being an entrepreneur is the best dream to live. >> you represent, your company does talks about sharing. put that in context. >> i think the idea of sharing the economy is the notion that in 60 second use suddenly be an entrepreneur. you can share your home your character anything in your life that hasn't been monetized before you can actually share with somebody. so it's really a notion that that person can become an entrepreneur. this is going to become huge work. >> not everything has gone according to plan. they say airbnb has trashed the place. what are you learning? >> we've had 2,500 people stay. not everyone is a positive. but every time there's a situation, we have a chance to improve. the whole sharing of economy basically works off a reputation system. 20 years ago you saw a person in the street and they were a stranger. you can read what the 50 people said. it's a really really powerful thing. >> if somebody's not supposed to be ru

and obviously airbnb has done great.u have been called the start-up whisperer of silicon valley. what does whispering to start-ups involve? [laughter] reid: well, i'm not quite sure. i guess what people who use that term -- i don't identify myself that way -- by being an entrepreneur myself, by being a participant in a lot of the early stage companies -- and it's not that i know everything. but i know some things that are useful. emily: we live in an age of four increasingly powerful platforms. apple, google, facebook, and amazon. do you worry at all that any one of them could become too powerful? reid: yes. although not necessarily specifically each one of them. but more as a general system. but naturally, when you have aggregation of platforms, you have to worry about leaving room for entrepreneurs, leaving room for innovation. and so i worry about that on a general basis. not on those specific four companies basis. because i talked to all of the ceos of those companies. they are all like, 'look, we're just trying to b

fold if they do want to put their number they can audio that listing as some other type i feel like airbnbnd home away and other sites are endeared towards did use and list anything to who is going and checking this this gets to i don't want to prolong this who - what is we're trying to get them to do and what's the universe there how are the new rules applied and we're getting them to not post units on the register to be a partner we're not foreboding them requiring them to ask them for a hosting number. >> to not facility violations. >> okay. thank you. >> commissioner richards. >> im- when a host puts in the registration number there's a easy way whatever platform we popularity we can say comes back aboard do not we change every jurisdiction particle around the world that is not hard stuff everyone goes to this address this is a $20 million technology company we havealities associations let's agree other than the concept and move forward i know regarding platforms you, mr. owen awhile a couple of quick cases and fines we'll see where this goes i will think the word is essential it is th

leasing our ellis act apartment for 10 years would that not apply to you know leasing or is it an airbnb unit i don't want to lower it you can't lease our property for 10 years. >> deputy city attorney under the current law assuming they meanwhile meet all the qualification can rent their unit as a short-term rental, however you buy a building and ellis acted and it was sold and condos and let's say everyone in the building is a pardon me resident they own their unit and live there they otherwise quality to be on short-term rental program they'll be able to do a should recall in the administrative code and the planning code if you qualify with the short-term rental your use is residential not consider a lease hold. >> just a quick conversation clarification you'll not been able to move out for 10 years you couldn't are we talking about a bedroom. >> that's maintained in you go on vacation and comply do a short-term rental assuming you moot the qualifications for the short-term rental outline have to be recommended with the department and - >> forgot short-term rental can you rent out it

conway of airbnb but the short-term rentals obviously neighbors and tenants are very concerned abouteople using airbnb and other so-called shire platforms but they find egregious with an opportunity to get out which a ridiculous he is probation of a problem we're trying to address that way. >> thank you very much. >> thank you. next speaker, please. >> hi good afternoon, board of supervisors members i'm jan the director of the san francisco apartment association i wanted to make a couple of comments having sat through and listening to the testimony from the department i really building we should set up a city task force to look the fire safety and bring in the departments and as one of the sro representatives mentioned the sro's the rental housing owners first two things to differentiate the housing stock is different from long term housing the clientele is differently a transient population in long term residential buildings a way to train do fire safety checks within builds do like for drills in multi unit buildings that help the long term tenants and none of the tenants are not go

malia cohen to report the number of nights to a limit to again we have to find a way to do it ever airbnb for instance, reports 90 days and go to someone else and grabs another from craigslist and someone else we'll not know ultimately the host is going to be the one that has to say i'm against we're supposed to vote not way you have a phrased. >> does not require. >> does not so we're voting yes on do not and commissioner wu. >> i agree with commissioner richards thoughts for enforceability is only don't need this type of information. >> commissioner hillis. >> can you remind me what the host have to report so unanimously they need to send a report to the planning department kind of signed under oath the number of days. >> yes. >> again, i that one hundred and 20 days we're trying to achieve this everything is enforceable it is not just liquor the planning code it is not it takes . >> o'connor a room is not available there is a meter to stop after one hundred and 20 days or whatever there is no more room to rent it technology is available not necessarily worked on by the platform itself

starting today, airbnb is going to be operating in cuba. kate: the government is going to encourage residents to open doors to visitors using that website. searches for cuba on airbnb will turn up more than 1000 properties across the island, 40% in havana. if airbnb does take off that could represent the most significant u.s. business expansion since last year's detente between the two countries. there are still a lot of pent false-- pitfalls, about 5% of the population has regular access to the internet. which could make it difficult to advertise. genie: thank you, have a great weekend ahead of the easter break. let's look at the press review. let's look at what the weekly magazines have been saying. still lots of emotion in the press in the wake of the germanwings crash 150 people killed in the crash over a week ago. the german magazine is turning the spotlight on the copilot who was thought to have deliberately crashed the plane. flo: andreas lubitz. let's take a look at the front page. they talk about the phrase that translates into "be

you are an investor in airbnb, which has a $10 billion valuation.interest, a $5 billion valuation. how are you balancing making those investments and practicing what you tweet, scaling back or being careful? mark: to be clear, all of our companies are the exception. [laughter] just to be clear. one of the reasons i said what i said publicly is that this is the same conversation i have with all our ceo's. like i said, it is a cautionary conversation. it is not a conversation that says stop spending, have smaller goals. or anything like that. it is a conversation that says, be aware. learn from history. have an appropriate sense of risk. have good discipline. airbnb is an example that is a gigantic commercial success. the business is growing fast. it is really big. it is going to be gigantic. there are other companies where it is a little bit of a balance. the other thing i will highlight, and we harangue them about this all the time, extravagance is a little bit over the top. when you are burning $50 million a quarter as a startup, maybe not having b

the vacation website airbnb is expanding.nb is an internet based company, something that is limited in cuba. cnn spoke to one of the co-founders of the tech company about the new venture. >> in december, when med obama announced that the restrictions were going to be relaxed. we actually saw a 70% increase on searches on airbnb for cuba. it makes sense, cuba has been off limits to the majority of americans and yet a close neighbor for the country. >> for all intents and purposes, these sanctions of the united states on cuba are still very much in place. so how are you going to pay the host? collecting payment should be easy from americans? but how are you actually going to get the money into hands of cubans? >> well, we've been working very closely with the the u.s. treasury department to make sure that we're following all the rules that are still in place because there are quite a few restrictions still in place. that being said, the remittance of the money, there are a number of third parties that we're working through. in

. >>> dealing with the downside of airbnb rentals. in los altos, homes are being rented out for high school parties and neighbors are angry. an 18th birthday party swelled to more than 250 people at a rented airbnb house. police responded to a call from a neighbor, they say teens were running in the streets, climbing neighbors' fences. neighbors tell us they saw partygoers driving drunk and urinating in the street. those neighbors brought their concerns to the city. >> since the first time -- this was the third weekend in a row that this house had become identified as a daily rental of an unoccupied house that you ought to throw a party at. >> the owner of that house apparently told neighbors he's taking his home off of airbnb. los altos city council plans to address this issue at its next meeting. >>> blamed for a massive fire in the east bay last night. auto repair shop in antioch. it took firefighters an hour to knock it down. two people were working inside when the fire ignited. both did make it out safely. >>> a woman shot by son