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Amazon Puts $2B to Support Affordable Housing

January 14, 2021

Amazon is pledging to plow more than $2 billion into affordable housing where its employment hubs are, the Wall Street Journal reported. The company will make the investments and donations over the next five years in Seattle, Nashville and Arlington, Virginia.

The e-commerce giant has more than 75,000 workers in the Seattle area and plans to have at least 5,000 employees in the other two regions in the next five years. The money will come in the form of low-cost loans to preserve or build affordable housing, and in grants to public agencies and minority-led housing organizations.

Other tech companies have made similar moves, including Alphabet’s Google, which has committed $1 billion toward Bay Area housing, and Apple, which is spending $2.5 billion for housing throughout California.

Housing advocates have said that while the contributions are welcome, they will not move the needle much and are not a substitute for policy reform by states and localities to curb housing costs.

Text by Sasha Jones | Photo by CIO Views | Read More Here

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