Facebook to Give $20 Million for Affordable Housing and Job Training
December 02 2016 - 11:40AM
Dow Jones News
Facebook Inc. is extending a sizable olive branch to neighbors
rankled by its plans to expand its campus and bring 6,500 new
employees to the area, a move locals fear will exacerbate an
already crippling housing shortage.
The tech giant is set to announce Friday it will spend about $20
million in Menlo Park and East Palo Alto, Calif., two cities that
surround its campus, to create a fund to build new housing, support
job training programs and provide legal assistance to tenants in
danger of eviction.
Some $18.5 million will go to a fund to build new housing,
primarily targeted at low- and moderate-income families, with
consultation from community groups.
The size of Facebook's contribution underscores the challenges
faced by Silicon Valley's technology community as companies add
thousands of well-paid employees in areas already suffering from a
housing shortage.
While roughly 500,000 jobs have been created since 2010, Silicon
Valley built just 26% of the new homes it needed for lower-income
households between 2007 and 2014, a shortfall of nearly 22,000
homes, according to Facebook.
Write to Laura Kusisto at laura.kusisto@wsj.com
(END) Dow Jones Newswires
December 02, 2016 11:25 ET (16:25 GMT)
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