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 ZuckerbergSoros: Zuckerberg, Sandberg should be removed from control of Facebook The Hill's Morning Report - Sanders on the rise as Nevada debate looms Facebook white paper calls for 'new type of regulator' for the good of its business 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 NewsomCalifornia Gov. Gavin Newsom on the homeless: 'We own this issue' California moves to allow voters to switch party registration on Election Day GOP lawmaker accuses California public pension fund of investing in blacklisted Chinese companies 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.