The San Francisco Bay Area’s housing crisis will see the CEO of Facebook, Mark Zuckerberg joining forces with local firms and organizations with the objective of raising $500 million. They are looking to launch a new initiative in the form of an investment fund, called Partnership for the Bay’s Future. According to critics, the ongoing housing crisis has been fuelled by the huge influx of tech companies and their well-paid workers.
As per reports, this fund will be helpful in resolving issues related to housing and consequently, will attempt to provide solutions to some of the transportation problems that arise due to the Bay Area’s unique geography. Currently, there are about 7,000 homeless people in San Francisco alone. Moderate-income workers such as teachers and food-shop employees are being forced to move out, owing to shortage of affordable homes across the Bay Area.
During the last elections, this issue garnered attention nationwide and was a topic of discussion all over. Further, voters had passed the largest ascent in corporate tax in San Francisco’s history back in November last year. This move had been responsible for turning the CEO of Salesforce Marc Benioff against Jack Dorsey, the CEO of Twitter as well as Square CEO.
The budding partnership has been able to gather $260 million already and is in search for new partners. The philanthropic organization called the Chan-Zuckerberg Initiative, run by Zuckerberg and his spouse, Priscilla Chan, along with the Capital Impact partners and LISC have donated $50 million apiece to the cause of the funds. Genetech, Facebook, San Francisco Foundation and Ford Foundation are some of the eminent firms investing in this initiative.
Out of the two funds that the group will get, one will primarily focus on maintaining affordable housings that already exist as well as constructing new ones while the other fund will support policies to protect and broaden affordable housings. According to San Francisco urban planning organization SPUR’s director, Adhi Nagraj, this contribution is a laudable step and will help to develop more housing. He also stressed that money from state, federal and local governments is just as important as relying only on the donations made by private donors is not an option.