Facebook has announced a ten-year, $1 billion commitment to address the affordable housing crisis in California and other communities where the company operates.
The investment will support the creation of up to twenty thousand housing units for teachers, nurses, first responders, and other essential workers, enabling them to live closer to the communities where they work. In addition to a $25 million commitment to build housing for educators in San Mateo and Santa Clara counties announced earlier this month, the new investments by the social media giant include a $250 million public-private partnership with the state of California for the construction of mixed-income housing on state-owned land in communities where housing is scarce.
The commitment also includes a $150 million contribution to the Bay's Future Fund, the affordable housing investment fund of the Partnership for the Bay's Future, which works to ensure a more livable, equitable, and racially and economically diverse San Francisco Bay Area; and $225 million to create more than fifteen hundred units of mixed-income housing on land previously acquired by the company. The remaining $350 million will fund additional commitments based on the rollout and effectiveness of the planned initiatives, as well as affordable housing initiatives in other communities where Facebook offices are located.
"[W]e've learned that the production of affordable housing across the income spectrum is a problem throughout California and must be addressed through partnerships that bring companies, communities, nonprofit organizations, and policy makers statewide together to find creative solutions," said Facebook chief financial officer David Wehner.
"Access to more affordable housing for all families is key to addressing economic inequality and restoring social mobility in California and beyond," said Governor Gavin Newsom. "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. Public-private partnerships around excess land is an important component in moving us forward."