A year ago, Microsoft announced that it would invest $500 million over the next three years to solve the Affordable Housing crisis in the Puget Bay area,media reported. Perhaps dyed by tech company employees, house prices in the Puget Bay area have risen sharply over the past few years, pushing low- and even middle-income people out of the market. In fact, Puget Bay has become the sixth-highest cost of living in the United States.
Now, Microsoft has announced that it will increase its spending on affordable housing in the Seattle area by 50 percent, or $250 million.
The additional $250 million will be provided to the Washington State Housing Finance Commission in the form of a line of credit, enabling it to provide more tax-free bonds for affordable housing projects. And it is possible to fund an additional 3,000 housing units.
It is understood that Microsoft initially led the way in this area of charity, but now it has been overtaken by other companies. In November, Apple announced a $2.5 billion pledge to help ease California’s housing crisis, while Facebook and Google both provided $1 billion.