Business Facebook Twitter Flipboard Email Enlarge this image Brad Smith, president of Microsoft Corp., speaks during a presentation on affordable housing in Bellevue, Wash., on Thursday. Microsoft Corp. said it will spend $500 million to develop affordable housing and help alleviate homelessness in the Seattle area. Bloomberg/Bloomberg via Getty Images hide caption toggle caption Bloomberg/Bloomberg via Getty Images Brad Smith, president of Microsoft Corp., speaks during a presentation on affordable housing in Bellevue, Wash., on Thursday. Microsoft Corp. said it will spend $500 million to develop affordable housing and help alleviate homelessness in the Seattle area. Bloomberg/Bloomberg via Getty Images Microsoft is investing $500 million to help develop affordable housing and address homelessness in the Seattle area as the growth of tech companies in the region continues to flood the real estate market with high-salaried workers, leaving many other … [Read more...] about Microsoft Pledges $500 Million Investment To Tackle Affordable Housing Crisis
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By Marisa Kendall | [email protected] | Bay Area News Group PUBLISHED: January 17, 2019 at 12:13 pm | UPDATED: January 17, 2019 at 12:14 pm Microsoft’s promise to pony up $500 million for Seattle-area housing has Silicon Valley buzzing, full of hope that tech titans here will pour similar sums into fighting the housing shortage in their own back yards. The Redmond-based company pledged $225 million Wednesday evening for middle-income housing, $250 million for low-income housing and $25 million for homelessness solutions — the software giant’s answer to its hometown’s rising prices and jobs-housing imbalance. It’s a drool-worthy amount to Bay Area housing advocates, who for years have been urging local cash-flush tech companies to set aside more funds to build and preserve affordable and work-force housing. “I’m hoping this exciting news is one more prompt for employers, individuals and foundations of all types to step … [Read more...] about Microsoft pledged $500 million for housing. Now what will Silicon Valley tech do?
Microsoft announced that it’s pledging $US500 million to help alleviate Seattle’s housing crisis. In cities like Seattle and San Francisco, the arrival of tech giants has been linked with skyrocketing house prices. Half Microsoft’s money will go towards building low-income housing. Microsoft announced in a press release on Wednesday that it is pledging $US500 million to help develop affordable housing in the Seattle area. “Median income in the region hasn’t kept pace with rising housing costs, increasingly making it impossible for lower- and middle-income workers to afford to live close to where they work,” Microsoft said in the statement. Data collected by Microsoft showed that, from 2011 to 2018, the median home price in Puget Sound, a hotbed for Silicon Valley satellite offices, rose 96%, while median household income only went up 34%. Microsoft broke its donation into three pots of cash: $US250 million will support low-income housing, … [Read more...] about Microsoft will spend $500 million on building affordable housing in Seattle
By Jay Greene WSJ Wed., Jan. 16, 2019 Microsoft Corp. pledged $500 million to support affordable housing in the Seattle area, an effort to address concern that technology companies’ financial success has pushed less wealthy people out of their communities. Microsoft’s pledge is the largest financial commitment it has made on a single community issue, a spokesman said. The company, which announced the plans late Wednesday, has earmarked $475 million to fund construction loans for affordable housing in the area over the next three years. The other $25 million will fund grants to address homelessness. The Puget Sound region has been among the nation’s hottest real-estate markets, as business has boomed for both Microsoft, based in Redmond, Wash., and Seattle-based Amazon.com Inc. Much as in Silicon Valley, those who have benefited most from the tech boom have bid up home prices, forcing others to look for housing far away. At a meeting with … [Read more...] about Microsoft’s Answer to Seattle Area’s Housing Problem: $500 Million
Sections SEARCH Skip to content Skip to site index Technology Log In Subscribe Log In Today’s Paper Technology | Microsoft Is Pledging $500 Million for Affordable Housing in the Seattle Area Supported by BREAKING ByKaren Weise Jan. 16, 2019 SEATTLE — Microsoft will invest $500 million to build affordable housing in the Seattle region, company officials said, in what would be the most ambitious effort by a tech company to directly address the inequality that has spread in areas where the industry is concentrated. The debate about the rapid growth of the tech industry and the inequality that often follows has spilled across the country. King County, which includes Seattle and Microsoft’s home campus in the suburb of Redmond, has boomed along with its tech giants, but its housing supply has not kept up, causing housing costs to soar. Earlier this week, at a meeting with editors at the … [Read more...] about Microsoft Is Pledging $500 Million for Affordable Housing in the Seattle Area