This is the big risk factor that I'd be concerned about as an investor: Laws, regulations, and rules that affect the short-term rental and home sharing busin

This is the big risk factor that I'd be concerned about as an investor: Laws, regulations, and rules that affect the short-term rental and home sharing business have limited and may continue to limit the ability or willingness of hosts to share their spaces over our platform and expose our hosts or us to significant penalties, which have had and could continue to have a material adverse effect on our business, results of operations, and financial condition. Most of the most big, vibrant cities that are the biggest tourism draws and should be growth areas for Airbnb also have housing pressures, and we have seen housing advocates push governments to implement Airbnb restrictions. Due to covid this has not been a big issue of late, but my expectation is that as tourism increases again, attention will once again return to Airbnb's distortionary impact on the housing market (both sale and rental). In most of the world Airbnb will not be able to buy a law like Uber/Lyft did with Prop 22 to get out of this jam.