Brian Chesky said that his company needs to get back to basics by prioritising small scale hosts over larger commercial operators.
Speaking in an interview with the Sunday Times magazine, he said: "We grew so fast, we made mistakes, we drifted. We really need to think through our impact on cities and communities". He has promised to provide more information to local authorities looking to police short-term accommodation, including registration and how often properties are rented.
Mr Chesky the company will work with local authorities to limit the number of rental nights per year and imposing minimal rental terms to comply with local laws.Airbnb was hit with €1 billion worth of cancellations during Covid-19 and put off its planned flotation on the stock exchange.
Here the Government introduced laws to regulate the sector but earlier this year it was revealed only 249 property owners in Dublin city had come forward to register with the council, even though there are 7,218 Airbnb properties in the area.