Facebook investing $1B to tackle affordable housing crisis in California

Facebook investing $1B to tackle affordable housing crisis in California
© Greg Nash

Facebook on Tuesday announced a $1 billion investment aimed at addressing California's affordable housing crisis, including up to 20,000 new housing units.

CEO Mark ZuckerbergMark Elliot ZuckerbergHillicon Valley: Trump officials propose retaliatory tariffs over French digital tax | FBI classifies FaceApp as threat | Twitter revamps policies to comply with privacy laws | Zuckerberg defends political ads policy Zuckerberg says Trump did not 'lobby' him during dinner Zuckerberg on allowing political ads: 'People should be able to judge for themselves' MORE shared the funding pledge on his page, acknowledging the role of big technology companies in reducing access to affordable housing.

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"As part of today’s commitment, we’re partnering with California Governor Gavin NewsomGavin Christopher NewsomNewsom jokes after Harris drops 2020 bid ahead of his Iowa campaign events for her: 'I want a reimbursement!' Feinstein endorses Christy Smith for Katie Hill's former House seat Gavin Newsom to campaign for Harris in Iowa MORE and the State of California to create up to 20,000 new housing units to help teachers, nurses, first responders and other workers live closer to the communities that need them," Zuckerberg wrote.

Apart from those 20,000 new units, Facebook will also invest in housing for the homeless in the Bay Area and mixed-income housing on Facebook owned-land in Menlo Park.

The announcement comes as Bay Area tech companies face increasing pressure from local communities claiming their expansion is displacing longtime residents.

Google also committed $1 billion to the housing crisis earlier this year, with a promise of 15,000 new homes.

Housing prices have skyrocketed following tech's growth in the area, especially in Silicon Valley.

That has left thousands of workers from other fields priced out of their local communities and struggling to secure access to affordable living spaces.

The Bay Area has the third-largest population of people experiencing homelessness in the U.S. at 28,200, according to a study released earlier this year.