Of the $500 million Microsoft has pledged, the company said $475 million will be used to fund construction loans for affordable housing over the next three years. The remaining $25 million will go toward funding grants that address homelessness.
Jessica Guerin | HousingWire
Microsoft has pledged $500 million to fund the construction of affordable housing in the Seattle area.
The effort is a move to address criticism that tech companies have pushed lower income residents out of their communities, as an influx of well-paid tech employees have descended on the area, driving up home prices and making Seattle one of the most expensive cities to live in the nation.
Microsoft is headquartered in Seattle, where it employs about 50,000 people. It said that median home prices in the area soared 96% from 2011 to 2018, while median household income rose 34%. The company estimated that there is a shortage of more than 300,000 housing units for middle- and low-income families, according to The Wall Street Journal.
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