Beijing time on December 2, the morning news, according tomedia reports, with the expansion of technology companies, affordable housing on the west coast of the United States has become a crisis. Recently, several technology companies that have raised the issue have pledged to invest in finding solutions in their communities, but it remains to be seen whether their efforts will work.
Google has invested $1 billion to stop the housing crisis. Facebook is involved in the creation of a group called Partnership for The Bay’s Future, which will raise $500 million to tackle the housing problem. Apple will spend $2.5 billion on the issue. In the Seattle area, Microsoft will invest $500 million, and Amazon has opened shelters for the homeless in its headquarters area. Amazon also said it has invested $38 billion in Seattle’s economy since 2010.
But has this come too late and not enough?
The Bay Area, which includes San Francisco and San Jose, has the third-highest number of homeless people in the United States, followed by New York and Los Angeles, followed by Seattle in the Bay Area. In the Bay Area, 64 percent of homeless people do not have shelters. In the Seattle area, the figure is 47 percent.
Between 2010 and 2018, the Bay Area’s population grew by 8.4 percent, while the number of homes increased by less than 5 percent. Soaring house prices have severely affected the region’s demographic composition. Software engineers at companies such as Apple, Google and Facebook earn about $160,000, 40 percent more than the National average for the same job, according to Indeed and GlasSDoor. Between 2010 and 2017, rents in the Bay Area rose by 21%. Over the same period, rents in New York rose by only 9%.
And these tech companies have influenced the diversity of the community. In tech jobs, tech companies disproportionately employ large numbers of white and Asian male workers, while black and Latino employees are allowed to work in lower-paying jobs.
In 2018, 95 percent of all technology-related jobs employed by Google are white or Asian, and 74 percent are men. Apple’s figures are 84% and 77%, respectively, and Facebokk’s at 93% and 78%. In mid-2018, 67 percent of people living in the Bay Area were white or Asian, according to Census Bureau, an analytics firm.
As technology companies thrive, they are also influencing the Bay Area and Seattle, and even the community demographics of those areas. Apple, Google, Facebook and Amazon are aware of the problem and are starting to offer support, but only time will tell if these companies can deliver a real solution. (Line Cloud)