The growing home-sharing industry in San Diego is benefiting the City in a big way.
According to a new report released by Airbnb, the popular home-sharing website, the City of San Diego collected $7 million through a partnership with Airbnb's Transient Occupancy Tax program in 2016.
The money goes straight into the City's general fund, a City spokeswoman said.
"San Diego is proud to be a tourist destination. As a component of the City’s General Fund, Transient Occupancy Tax helps pay for critical services that make this a world class city including road repairs and public safety," said Katie Keach, the Director of the City's Communications Department.
The $7 million does not include any County or state-level taxes that may apply.
The report goes on to say that by partnering with Airbnb, the 50 largest cities in the U.S. would have collected approximately $250 million in hotel, tourist and occupancy taxes last year.