Facebook to Invest in San Francisco’s Affordable Housing
Facebook has announced plans to add 2,000 units of low-income to the San Francisco Bay Area, The Real Deal reports. The Mark Zuckerberg-founded tech giant reportedly will put $150 million into the project as part of a larger $1 billion housing investment that was announced last year.
The Facebook-funded housing will be available to families making less than 30 percent of the area’s median income—which, according to the U.S. Census Bureau, was more than $112,000, in 2019. (For comparison, New York City’s area median income last year was $64,000.) Facebook has committed one-third of its funding to Santa Clara County, which has a slightly lower area median income.
The pandemic has made the booming tech capital’s once-bustling downtown area far quieter than ever before, with most of the large tech companies not expecting employees back in the office before July 2021.
Meanwhile, Facebook, which has offices in two high-rises in the Transbay neighborhood in addition to its Frank Gehry-designed Menlo Park campus (located in Santa Clara county), is currently in the midst of a legal battle which threatens to break up the social media monopoly.
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