Facebook pledges $1B to address California’s housing crisis

Facebook pledges $1B to address California’s housing crisis

Facebook unveiled on Tuesday a $1 billion pledge to help resolve California’s affordable housing crisis over the next decade as the tech companies get blamed to contribute to an influx of tens of thousands of highly paid technology workers that exacerbated the problem in the Bay Area. Facebook says the money will go toward building 20,000 new housing units.

Tom A
Tom A
porcus
porcus 4 months

Pffft. Why not pledge that much to help the homeless crisis in California? MUCH bigger impact doing that than trying to mess with the housing bubble there.

Andrew 1010
Andrew 1010 4 months

That shit won't make a dent with the absolute cluster fuck of regulations and ordinances you gotta get through.

bad news bear
bad news bear 4 months

what a great idea, after California spends 750 million on determining what to do with the money, it'll be helpful somewhere

Hannibal
Hannibal 4 months

It's a supply and regulatory problem, not a money one. San Francisco is unaffordable for many tech workers not because their salaries are low but because because the zoning commission refuses to greenlight new housing construction. Guess what side hustle the zoning commissioners have? Residentials...

Paul C
Paul C 4 months

Did they ask the shareholders if this was OK? I mean they actually own the company right...

Judi Em
Judi Em 4 months

Will that cover 100% of their permanent illegal population? I think he better double that.

Sasu
Sasu 4 months

I wonder if it'll be facebook owned Section 8 Housing. If so... they will be getting a lot of money from the government to help build said housing, as well as the Guaranteed Section 8 housing check from the government and any extra money they get from rent. I'm curious if anyone can find section 8 housing that is worse than the equivalent luxury apartments in amenities in the surrounding areas. You see the housing for people who work and can barely afford housing have to live in lower quality of life places than those who receive section 8 housing.

General Zap
General Zap 4 months

Punishing the unworking with modernized betterment camps and otherwise deregulating governments in the area would work much better.

Miles O'Brien
Miles O'Brien 4 months

It's going to be in the form of bus tickets out of the state.

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