Saturday, 3 December 2016

Facebook to invest $20M in local housing as Silicon Valley faces crisis

Facebook is putting up $20 million toward a community investment program designed to address the severe housing crunch in its own backyard, where the tech boom stoked by the latest generation of Internet superstars is making it difficult for many working class families to live.
It is partnering with Envision Transform Build-East Palo Alto (ETB), a coalition of Silicon Valley community groups, and the neighboring cities of East Palo Alto and Menlo Park to create affordable housing and provide economic opportunities in the form of job training and expand legal relief to tenants.
The social-networking giant is making an initial investment of $20 million, and hopes to add private and public sector organizations to the partnership.

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