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Thu Oct 17, 2019, 11:15 AM

Facebook donates $25 million to build Bay Area teacher housing

PALO ALTO — In Facebook’s biggest contribution yet toward solving the Bay Area’s housing shortage, the tech giant on Thursday said it will donate $25 million to build up to 120 apartments for peninsula teachers.

The money will help fund a unique development city and county officials have been trying to get off the ground for nearly two years. Their goal is to provide housing for the area’s teachers and other school workers who often make too much to qualify for subsidized low-income housing, but not enough to afford homes in the pricey neighborhoods where they work — forcing them to commute long distances, and contributing to high turnover rates in local schools.

The issue is one Facebook has been exploring as Silicon Valley tech companies increasingly are blamed for driving up local housing and rent prices by flooding the area with high-paying jobs.

“We heard direct feedback from the principals in our backyard saying they could not fill teacher positions,” said Menka Sethi, Facebook’s director of location strategy and site optimization, who oversees the company’s housing efforts. “The children they are serving do not have access to consistent teachers. And we felt like this was something where we could help.”

Read more: https://www.mercurynews.com/2019/10/17/facebook-donates-25-million-to-build-bay-area-teacher-housing/
(San Jose Mercury News)

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Reply Facebook donates $25 million to build Bay Area teacher housing (Original post)
TexasTowelie Oct 17 OP
InAbLuEsTaTe Oct 17 #1
dlk Oct 17 #2

Response to TexasTowelie (Original post)

Thu Oct 17, 2019, 11:23 AM

1. BFD!! Facebook needs to be broken up, as Bernie and Elizabeth are calling for!!


Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together!!
Welcome to the revolution!!!

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Response to TexasTowelie (Original post)

Thu Oct 17, 2019, 11:37 AM

2. At San Francisco real estate prices, $25 million should be around 4 units

Compare that amount to Facebook’s revenue. Of course, any gesture is better than nothing.

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