inequality in cities by pushing housing
prices higher.
Two years ago, Microsoft launched its own
initiative and is spending $750 million to help
provide market-rate or below-market-rate loans
to developers who want to build affordable
housing in the Seattle area.
In the latest effort by Amazon, money also was
directed to Arlington, Virginia, and Nashville,
Tennessee, where it has hubs. Company officials
projected the $2 billion would preserve or create
20,000 affordable housing units over the next
five years.
The funding will “help local families achieve long-
term stability while building strong, inclusive
communities,” Amazon CEO Jeff Bezos said.
While Amazon and Bezos have given large
amounts toward affordable housing and
homelessness services, including opening a
homeless shelter on the campus of its Seattle
headquarters, the company has also drawn
scorn for successfully pressuring the Seattle
City Council to rescind a tax on large companies
that would have funded homelessness services
in 2018.
Stephen Norman, executive director of
the King County Housing Authority, said
affordable housing is often renovated and
rents are increased, worsening economic and
racial segregation.
“This is a long strategy ensuring ... that this
community doesn’t get hollowed out,” he said.
Norman added that the money is estimated
to cover about 45% of the cost of the three
apartment buildings.