Street in Tokyo's Ginza shopping district, Japan

Japan’s crackdown on Airbnb has cost the company $10 million

$10 million

Japan is the latest country to wage war on Airbnb’s rising popularity in the short-term rental market, costing the company $10 million.

Published   |  Photo by Reuters/Toru Hanai
Street in Tokyo's Ginza shopping district, Japan
$10 million

As of Friday, property owners will have to register with the government if they want to open up their home for business through Airbnb or similar websites.

Street in Tokyo's Ginza shopping district, Japan
$10 million

The new law has already caused a plunge in the number of properties available to tourists, with many cancellations and a sudden shortage on hotel rooms.

Street in Tokyo's Ginza shopping district, Japan
$10 million

Inbound tourism to Japan (growth and projection)

Street in Tokyo's Ginza shopping district, Japan
$10 million

Japan has seen a 250% increase in tourism since 2012, making it the latest in a long line of nations dealing with “tourism pollution.”

Street in Tokyo's Ginza shopping district, Japan
$10 million

As a result, destination cities like Venice, Barcelona, and Amsterdam have taken drastic steps to curb Airbnb’s presence in their respective markets.

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