Facebook said it will invest $1 billion over the next decade to address the affordable housing crisis in its headquarters state of California, as well as in other areas where the company operates.
- $250 million will go to a partnership with the state of California for mixed-income housing on excess state-owned land in communities with housing shortages.
- $225 million worth of land in Menlo Park, Calif., that Facebook already purchased is now zoned for housing, and the company said it is committed to producing over 1,500 units of mixed-income housing.
- $150 million will go toward the production of affordable housing, including housing for the homeless, in the San Francisco Bay area, with the company contributing to Partnership for the Bay’s Future’s affordable housing investment fund, Bay’s Future Fund.
- $25 million is earmarked for housing on public land for teachers and essential workers in school districts in California’s San Mateo and Santa Clara counties.
- $350 million is being set aside for additional commitments based on the progress of the initiatives listed above.
Wehner pointed out in the Newsroom post that a family of four making over $100,000 per year is considered low-income in the Bay area.
California Gov. Gavin Newsom added in the Newsroom post, “Access to more affordable housing for all families 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: 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.”