The United States — Facebook said Tuesday that it will spend $1 billion over the next 10 years building affordable housing in the United States, most of them in California, where the company is headquartered. The leading social network partnered with Gov. Gavin Newsom and others to build up to 20,000 new homes for teachers, nurses, emergency care personnel and other «essential workers,» according to Facebook’s chief financial officer, David Wehner.
Access to more affordable housing for all families is key to addressing economic inequality and regaining social mobility in California and beyond, Newsom said in a statement.
«The state government cannot solve housing affordability on its own, we need others to join Facebook in moving forward: progress requires a partnership with the private sector and philanthropy to change the status quo and address the cost crisis that confronts our state,» he added. Facebook has previously partnered with community groups and local officials on low-cost housing initiatives in the San Francisco Bay Area and in Menlo Park, Silicon Valley, where the company has its facilities. In San Francisco, a family of four with a household income of $100,000 a year is considered low-income, according to Wehner.
Building affordable housing for the entire income spectrum is a problem across California and needs to be addressed through partnerships that bring together businesses, communities, nonprofits, and policy makers across the state to find creative solutions, Wehner said.
Facebook is contributing $250 million to a partnership with California for housing on scarce state lands, and will provide $225 million on land it bought in Menlo Park to build more than 1,500 housing units for mixed income, he explained. About a third of the money, about $350 million, will go to affordable housing projects across the United States, Facebook said.