Facebook Announces $1B Investment To Address California's Affordable Housing Crisis
LOS ANGELES (CBSLA) — Facebook, in partnership with the state, announced Tuesday plans to invest $1 billion over the next decade to help address California's affordable housing crisis.
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In a news release issued by the company, a spokesperson stated the investment would be used to create "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."
The funds are allocated for communities in the San Francisco Bay area, including Menlo Park, where Facebook is based, and across San Mateo and Santa Clara counties.
According to the release, $350 million will be allocated to support affordable housing in other communities where Facebook has offices "based on the rollout and effectiveness" of planned initiatives. The company has an office in Playa Vista.
In a statement, California Governor Gavin Newsom said affordable housing is "key to addressing economic inequality and restoring social mobility in California and beyond."
"State government cannot solve housing affordability alone, we need others to join Facebook in stepping up," Newsom added. "Progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing. Public-private partnerships around excess land is an important component in moving us forward."
