From Fortune:

The 2024 Olympics in Paris have hotels raising room prices to astronomical levels with three- and four-star establishments tripling rates. Despite demand, companies like Airbnb are urging Parisians to rent out their homes for the event as the city sees an annual tourist boon of $4 billion.

Paris may triple its tourist tax as it prepares for the 2024 Olympics. The tax will increase to fund the public transit system, adding to the concerns surrounding the homelessness crisis and the city’s struggling transportation capacity, which could lead to transportation issues.

Although Paris may face transportation issues and higher costs during the 2024 Olympics, hosting the Games could have long-term benefits for the city’s tourism industry. The event is expected to draw a global audience of four billion people and is a great opportunity for Paris to showcase itself as a major destination.



Read more: Paris hotels hiking prices to over $1k on Olympics 2024 opening night