Big Tech firms are going to spend billions of dollars to help tackle the West Coast housing crisis.
Oh thanks. Many experts believe Big Tech helped create the problem. (The tech boom drove up housing costs and many long-time residents ended up out in the cold.)
What’s the damage? It’s the worst in Seattle – Amazon country – and the San Francisco Bay area, which includes Silicon Valley.
- Bay over priced. The average 1-bedroom apartment costs $3,601 a month in the Bay. Can I stay in your closet?
The Bay has the third-largest homeless population in the U.S., behind NYC and LA.
How Does It Affect My Wallet?
Tech companies are well aware of the housing crisis, so they decided to take action. Maybe pledging billions will get them more ‘likes’ on Facebook?
So, who’s giving what?
- Amazon opened a homeless shelter on its Downtown Seattle campus.
- Google pledged $1 billion to curb the housing crisis in the Bay Area.
- Apple committed $2.5 billion to fight homelessness in California.
- Facebook created the Partnership for the Bay’s Future to raise $500 Million.
- Microsoft pledged $500 million to fight homelessness in Seattle.
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