Big tech companies have an affordable housing problem
Microsoft is the latest tech giant to fund affordable housing projects in the white-hot real estate market where they are based. As part of a community building initiative in Seattle, Microsoft is pledging $475 million in low-interest loans to support housing construction projects over three years, with another $25 million marked for homelessness. There has been a move by tech companies to address the lack of affordable housing stock in recent years. With rental costs spiking as much as 50 percent in less than a decade in cities like San Francisco, some say it’s about time these tech companies stepped in to help. But is this the best way to solve the housing problem?
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