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Prop F was by far the most high-profile issue on the ballot and needed a simple majority to pass, but had only about 45 percent approval.
No on Prop F celebrates beating back tighter regulations on short-term rentals. Airbnb spent $8-10M on campaign. pic.twitter.com/M5rZ3vBX8U— carolyn tyler (@ctylerabc7) November 4, 2015
San Francisco-based short-term rental company Airbnb fiercely opposed the ballot measure, spending between an estimated $8-10 million campaigning against it.
READ MORE: SF voters reject Prop I, Mission District housing moratorium
Airbnb spokesman Christopher Nulty released a statement from the company about the result, calling it "a decisive victory for the middle class."
"Voters stood up for working class families' right to share their homes and opposed an extreme, hotel industry-backed measure," the statement said.
Proponents of Prop F spent about $300,000 and said the proliferation of short-term rentals is squeezing the city's already tight housing market.
VIDEO: San Francisco to vote on limiting short-term rentals
ABC7 News contributed to this report.