Facebook today announced a pledge of $1 billion and a partnership with the state of California to help build more facebook affordable housing after the company contributed for over a decade 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 “to help essential workers such as teachers, nurses and first responders live closer to the communities that rely on them,” writes chief financial officer David Wehner in a blog post announcing the pledge. Affordable housing facebook will provide reasonably low-priced housing for the workers.
Those workers incorporate the security gatekeepers, kitchen and cleaning staff, and other low maintenance and contractors that are not conceded the significant compensation of a standard tech gig that would enable them to live in Silicon Valley or in San Francisco, where lease payments have soared enormously. Acquiring a house here is perhaps inconceivable for anybody except the super-rich.
Over the mid-year, San Francisco middle lease costs hit an unsurpassed high, Curbed wrote, with the cost of a one-room condo hitting $3,720. That month, the middle cost for a solitary family home hit $1.7 million. The lodging emergency in San Francisco legitimate and in spots like Palo Alto and Mountain View has, throughout the years, seeped into neighbouring territories. That has made it progressively cost-restrictive to live in Oakland and different pieces of the East Bay, where migrant workers have generally have to keep commuting into the city and the valley.
Affordable housing facebook is probably going to yield these results if David Wehner puts his plans into action. But what has to be noted as well, it that Facebook pledged $1 billion to help fix California’s affordable housing crisis one day before Mark Zuckerberg was due to address a claim that Facebook ads were enabling housing discrimination