An Airbnb-style safety balcony will soon be available in Los Angeles, the city announced Thursday.
The new product, called Balcony, is part of a $40 million funding round led by the City of Los Angeles to create a safer, more sustainable housing model.
Airbnb announced the project in April, but didn’t name the investor.
Airbnb is one of many companies hoping to create safe housing for renters in the city.
Last year, Airbnb agreed to fund $1 billion to help build affordable housing in Los Baños.
Balconys will be the first new type of balcony to hit market since 2015, when Airbnb partnered with the nonprofit Safe Spaces, which has worked to build safer, healthier communities.
Airbnb says it’s “delighted” to partner with the city to create Balconies.
“It’s an exciting time for our industry,” Airbnb CEO Brian Chesky told The Verge.
Airbnb also announced an $8.2 million investment from private equity firm Blackstone Partners to create affordable housing.
Airbnb launched in Los Angles in 2015 and now has more than 7 million guests in its service.
Airbnb currently rents out a large number of apartments and houses for $9 an hour, which is roughly the same as the average monthly rent for a one-bedroom apartment in the Los Angeles area.
The company also runs a pilot program for rental properties in San Francisco.
Airbnb hasn’t revealed how many Balconyrs it plans to offer in the U.S. or where they’ll be offered.