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.
Rents Rose Between December and January
After dropping to a three-year low, U.S. rent costs grew in many major cities.
National Survey Shows ‘Severe, Widespread, and Worsening’ Housing Crisis
Mayors from around the country agree that more support is needed at the federal level to strengthen housing assistance programs.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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