Facebook (NASDAQ: FB) has announced that it will invest $20 million in a “A partnership to strengthen our local community.” The investment is a plan to combat a lack of affordable housing in the bay area in California. In San Mateo for example, 54,000 new jobs were added over the last six years, and only 2,148 new housing units were built. With such a high rate of growing demand and not enough real estate to go around, it is not surprising that prices skyrocketed.
CEO Mark Zuckerberg said in a statement, “We recognize our growth contributes to these challenges, and we’re committed to helping solve them so people can afford to live and work here… Affordable housing is a problem beyond the Bay Area too. We can’t fix it by ourselves, but if we figure out ideas that work here, then I hope we’ll be able to bring them to more cities and countries in the future.”
Facebook’s plan is to use the money to build a coalition of various community groups and companies that will together force action regarding the issue of affordable real estate. The money will also be used to provide legal protection residents threatened with eviction and unsuitable living conditions.