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Airbnb CEO Brian Chesky pledges $250 million to help travel hosts

Julio Cortez/AP

A sign is seen outside of a realtor's office in Ship Bottom, N.J. New Jersey shore property owners are bracing for a new tax on their rentals that's beginning to bite just as renters typically start booking their summer vacation spots. Thanks to a so-called Airbnb tax that was included as part Gov. Phil Murphy's first budget, property owners who rent their summer homes to families are subject to the rates, which start at 11.625 percent and can climb higher given local taxes. (AP Photo/Julio Cortez)

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Airbnb is lending a helping hand to its travel hosts. Due to the coronavirus, the company allowed customers to cancel reservations without charge.

While customers enjoyed the move travel hosts were upset saying they were losing money as a result.

Airbnb CEO Brian Chesky pledged $250 million in order to offset the refunds. In addition to that, a $10 million "Super Hosts" relief fund is set up to offer grants to hosts in financial straits with rent or mortgage.

Airbnb will also facilitate donations from guests interested in supporting hosts. U.S. hosts will also be eligible for help under the COVID-19 relief legislation recently signed by President Trump.

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