Multinational Technology Company, Amazon has announced a $2billion investment in creating and preserving affordable housing over the next five years at three of its main employment regions—Seattle, Washington; Arlington, Virginia.; and Nashville, Tennessee.
In the past, Amazon has been criticized for driving up the cost of housing in areas where it opened large operations. Over the years, leading tech corporations with offices in coastal areas have prompted the surge in home prices and housing shortages.
In 2019, several tech firms disclosed their plans to finance more affordable housing in order to curb the issue. In the same vein, Google committed $1 billion toward Bay Area housing; Apple offered $2.5 billion for housing in California; and Microsoft Corp. offered $750 million in the Seattle area for affordable housing.
Amazon’s founder and CEO Jeff Bezos in his statement announced: “This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes in all three of our headquarters regions — Arlington, Puget Sound, and Nashville, It will also help local families achieve long-term stability while building strong, inclusive communities.”
The new Housing Equity Fund will sponsor moderate- to low-income housing around Seattle, Nashville and Arlington, Virginia, where Amazon ultimately expects to have at least 5,000 employees each. The fund will also give grants to government partners, like transit agencies and school districts, to help working families in those fields.
According to Amazon, the Housing Equity Fund, In addition to its $2 billion investment, also includes a $125 million in grants to minority-led organizations and public agencies, aimed at improving the shortage of affordable housing which mostly affects people of color; adding that the money will also help local families achieve long-term stability.