Facebook Pledges $1 Billion Toward Affordable Housing

Facebook has become the latest company to pledge money to help ease a housing crisis that critics blame big tech for. The social media giant on Tuesday said it would allocate $1 billion in grants, land, and loans to generate more affordable housing in California’s Bay Area. The funds will be used to build an estimated 20,000 housing units for middle- to low-income households.

In June, Google pledged $1 billion in land and money to build homes to help to ease the housing crisis in the East Bay area. It also vowed to build at least 20,000 homes in the Bay Area with that money. In January, Microsoft pledged $500 million toward affordable housing in Seattle.

The companies are looking to add affordable housing around their campuses. Facebook will use the money to generate more housing over the next decade.

California boasts some of the highest salaries, but the highest state poverty levels.

Source: “Facebook Pledges $1 Billion to Ease Housing Crisis Inflamed by Big Tech,” The New York Times (Oct. 22, 2019)