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EFFIE YANG via Flickr CC

A CBRE research study backed by the hotel industry reports that hosts renting out multiple entire-home units generated $1.8 billion in revenue in 2016, nearly a third of all revenue from Airbnb. American Hotel Lodging Association said, "That's not home sharing, that's a business." Plus, hosts with 10 or more properties made $175 million last year in host revenue.

An Airbnb spokesman told the Wall Street Journal that the study is "misleading" and an attempt by the hotel industry to protect its business interests.

Revenues are up for entire-home rentals, too: Revenue growth is up by an average of 75% in the markets studied. (Compare that to revenue that almost doubled in 2016 for all Airbnb hosts.)

Why it matters: The hotel industry has long cried out about Airbnb's encroaching business and claim many units rented out operate as hotels. As cities around the world move to push limits on Airbnb, such as limits on the number of days hosts can rent out their units, this study, albeit backed by the industry, gives those moves some clout. This also isn't the first time Airbnb has been criticized over multi-unit hosts: a year ago, outside researchers found that Airbnb had quietly removed listings from such hosts prior to releasing data about its New York City business.

Go deeper

Ben Geman, author of Generate
3 mins ago - Politics & Policy

Biden's carbon emissions-cutting pledge faces tough climb

Image from the Rhodium Group study "Pathways to Paris." Courtesy of the Rhodium Group.

The verdict is in: President Biden's U.S. emissions-cutting pledge isn't a fantasy, but the path to meeting it is very difficult and relies on forces outside of White House control.

Driving the news: The Rhodium Group just released an analysis of policy combinations that could close the gap between the current U.S. trajectory and Biden's vow under the Paris Agreement to cut emissions in half by 2030.

Felix Salmon, author of Capital
Updated 7 mins ago - Economy & Business

Johnson & Johnson pulls the trigger on Texas talc gambit

Illustration: Aïda Amer/Axios

It's official: Johnson & Johnson has invoked a Texas legal loophole in an attempt to protect the bulk of its corporate assets from claims that its baby powder caused ovarian cancer and mesothelioma.

Why it matters: It's the biggest and boldest invocation yet of the so-called Texas two-step defense. But it's still not clear whether it's going to work.

Poll: U.S. leadership approval rebounds from Trump low

A Gallup report published Tuesday found approval of United States leadership in 46 countries and territories hit 49% — up from 30% at the end of Donald Trump's presidency, and matching former President Obama's first year (2009).

Why it matters: Biden's efforts to reengage with the international community following the Trump administration appear to be improving the global approval ratings for U.S. leadership, though this poll does not take into account the withdrawal from Afghanistan in August.