Microsoft had made its largest ever pledge, committing $500 million to fix the Seattle housing crisis. Mayors of the nine largest cities around Seattle will also aim to increase affordable housing.
The Puget Sound region has been facing a housing crisis in recent years, with housing prices growing by 96 percent since 2011. The Greater Seattle area has thus become the sixth most expensive area in the United States. Housing construction in the region has only increased by 13 percent in the past eight years, compared to a 21 percent increase in jobs.
Today, Microsoft has announced that it will be committing $500 million in order to increase affordable housing in and around Seattle. This becomes the tech giant’s largest ever pledge, and also one of the largest investments in housing from a private company, according to Microsoft. The mayors of the nine largest cities in the same region have also released a joint statement in tandem with this announcement, outlining their desire to provide incentives to increase affordable housing.
