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January 17, 2019 06:16 pm

Microsoft Will Spend $500M To Address Affordable Housing and Homelessness in the Seattle Region

Microsoft is dedicating $500 million to fund construction of affordable homes and homeless services in the Seattle region in an effort to alleviate a growing housing crisis driven by the city's tech boom. From a report: The Redmond, Wash.-based tech giant will commit $475 million for loans to affordable housing developers over three years and another $25 million to services for low-income and homeless residents. It's the largest philanthropic pledge in Microsoft's history. "This is a big problem," Microsoft President Brad Smith and Chief Financial Officer Amy Hood wrote in a blog post Wednesday. "And it's a problem that is continuing to get worse. It requires a multifaceted and sustained effort by the entire region to solve. At Microsoft, we're committed to doing our part to help kick-start new solutions to this crisis." Microsoft's announcement comes amid growing pressure on tech companies to mitigate the consequences of growth. Over the past decade, big tech companies have drawn thousands of newcomers to the Seattle tech region with lucrative tech jobs, bidding up housing costs and often squeezing out low-income neighbors.

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