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Facebook Pledges $1 Billion for California Housing

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Facebook Pledges $1 Billion for California Housing


SAN FRANCISCO — Facebook said on Tuesday it would give $1 billion in a package of grants, loans and land toward easing California’s severe housing crunch by building an estimated 20,000 new housing units for middle and lower-income households.

The move is the latest in a series of efforts by technology companies to put their vast financial resources toward addressing a crisis that has afflicted tech centers including the Bay Area and Seattle. In June Google pledged $1 billion in a similar effort in the Bay Area, while Microsoft pledged $500 million toward affordable housing in Seattle in January.

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[Read more about the rise of homelessness in California, and the backlash.]

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