Facebook Sets Aside $1B For Calif. Affordable Housing

Law360 (October 22, 2019, 6:03 PM EDT) -- Facebook said Tuesday that it will commit $1 billion over the next decade to address the affordable housing crisis in California, a plan that is expected to create 20,000 new housing units in the Silicon Valley-based tech giant's backyard.

Facebook Inc. said that it plans to build affordable housing in an effort to provide homes for “essential workers” such as teachers, nurses and first responders. The program is part of a partnership with California Gov. Gavin Newsom and the state of California, and aims to bring these workers closer to the communities they serve.

“State government cannot solve housing affordability alone,...

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