Microsoft Pledges $500 Million to Support Seattle Affordable Housing
Wall Street Journal Reports Microsoft pledged $500 million - the largest financial commitment it has made on a single community issue - to support affordable housing in the Seattle area, an effort to address concerns that technology companies’ financial success has pushed less wealthy people out of their communities. Microsoft has earmarked $475 million to fund construction loans for affordable housing in the area over the next 3 years. The other $25 million will fund grants to address homelessness. In the Seattle area where Microsoft is based and employs around 50,000, median home prices soared 96% from 2011 to 2018, while median household income rose 34%. It estimates there is a shortage of about 305,000 housing units for middle- and low-income families.