Real estate buyers from Phoenix and beyond will soon receive refunds for their expensive homes that were purchased through the real estate platform Airbnb, the company said Tuesday.
Airbnb said it was launching a special crowdfunding program aimed at returning the money to customers, who will receive a refund as soon as the money has been used.
The program will only apply to Phoenix, but the company is hoping to expand to other states and cities as well, it said in a statement.
Phoenix is the largest city in the country to embrace Airbnb, and the city is home to a growing number of real estate brokers who sell homes on Airbnb to tourists.
Airbnb is also launching a national effort to help the homeless by allowing them to stay in their own homes for free.
The program, called Airbnb Rescued Phoenix, is designed to provide refunds for the homeowners who bought the homes through Airbnb and are unable to return the funds to the brokers.
Airbnb also said it will make available the money by refunding the sellers’ commission on the sale, as well as any other fees that are assessed by the brokers, as long as the home was purchased through Airbnb.
Airbnbs, which has more than 10 million registered users, is the first to offer refunds for owners of homes that have been sold through its platform.
Airbnb has said it wants to create an ecosystem of affordable housing for those who can’t afford to buy.
Airbnb was founded in 2006 by co-founder Brian Chesky and Andrew Karpeles, who were previously entrepreneurs in the tech industry.