Facebook commits $1bn to tackle housing crisis in California

SAN FRANCISCO: Facebook has committed $1 billion over the next decade to help address the affordable housing crisis in California.

The social networking platform will build up to 20,000 new housing units to help essential workers such as teachers, nurses and first responders live closer to the communities that rely on them.

“As part of our commitment, we’ve partnered with California Governor Gavin Newsom and the State of California to help accelerate progress on this issue,” David Wehner, Chief Financial Officer at Facebook, said in a statement on Thursday.

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“State government cannot solve housing affordability alone, we need others to join Facebook in stepping up – progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing,” said Governor Newsom.

In San Francisco, a family of four making over $100,000 per year is considered low-income.

The issue of affordable housing affects people across middle-class and low-income families alike.

Facebook will invest $250 million in a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce.

The company will give $150 million for production of affordable housing, including housing for the homeless; $225 million in land in Menlo Park; $25 million to build teacher and essential worker housing on public land; and $350 million in funds for additional commitments based on the rollout and effectiveness of the initiatives.

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