Facebook commits $1B to tackle affordable housing in California, other locations

TechCrunch | 10/22/2019 | Staff
jolanjolan (Posted by) Level 3
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California is in the midst of a serious housing crisis that’s ramifications stretch across the state. In the Bay Area, the crisis is often at its most visible due to the presence of tech mega-corps and the influx of highly paid tech workers that have exacerbated the problem.

It hasn’t been uncommon for some of these huge tech companies to take some responsibility for the issues and invest back into organizations seeking to promote affordable housing. In Seattle, Microsoft and Amazon have announced initiatives. In the Bay Area, Google announced a $1 billion ten-year-plan just a few months ago, and now Facebook is doing the same.

Blog - Post - Facebook - CFO - David

In a blog post attributed to Facebook CFO David Wehner, the company announced that they’ve set aside $1 billion to tackle affordable housing, and that they’re hoping this initiative will lead to the creation of “up to 20,000 new housing units.”

California state: $250 million is being devoted to a partnership with the California state government to subsidize development on excess state-owned land “where housing is scarce.”

Bay - Area - Chunk

Bay Area: A $225 million chunk...
(Excerpt) Read more at: TechCrunch
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