Facebook joins as Google in the $1 billion club, though this club plans to spend that money on housing programs to help alleviate the exploding cost of housing in the state of California.
"Facebook on Tuesday committed $1 billion to tackle affordable housing shortages in the Bay Area and around the country," reports Marisa Kendall.
The move cams as a surprise, according to Kendall, but it places the company in very small company among other tech giants paying exorbitant sums of money to help alleviate the state's housing affordability crisis—a crisis that some in the state have blamed on tech companies like Facebook. Google made a similar pledge to spend $1 billion on housing in June 2019. Previously, Facebook had pledged $20 million to help launch a fund that supports housing and jobs in Menlo Park and East Palo Alto.
"Over the next 10 years, that money will help create up to 20,000 homes where teachers, nurses and other essential workers can live closer to the communities they serve, according to an announcement on Facebook’s website. Facebook also unveiled a new partnership with Gov. Gavin Newsom’s administration to build mixed-income homes on excess state-owned land," writes Kendall.
FULL STORY: Facebook pledges $1 billion to fight housing crisis in California and beyond
Apple Pledges $2.5 Billion for Housing Affordability
It's been a big year for tech giants pledging money to mitigate the affordability crisis in the regions and cities they call home. Apple joins a club that includes Google, Facebook, and Microsoft.
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To navigate the complexities of the current U.S. housing crisis, planners and decision makers must first understand how decades of past policy decisions led us here.
Seattle Legalizes Co-Living
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Central Florida’s SunRail Plans Major Expansion
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NYC Officials Announce Broadway Pedestrianization Project
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Santa Monica Lowers Speed Limits
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For Some, Co-Housing Offers Social and Economic Benefits
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New Map Puts Bay Area Traffic Data in One Place
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