One of the most sought-after office employers in the U.S. has taken a step toward recognizing a negative side effect of its job creation.
Amazon has announced a pledge of $2B toward the creation and preservation of affordable housing in its home city of Seattle, the location of its second headquarters in Arlington, Virginia, and the home of its “National Operations Center of Excellence” in Nashville, Tennessee, the Wall Street Journal reports.
Amazon will distribute the largest portion of those funds via low-cost loans to owners and developers of affordable housing, with some money also being disbursed in the form of grants to public housing agencies and minority-led community organizations, the WSJ reports.
With the $2B pledge, Amazon is following in the footsteps of other tech giants that have mostly focused their efforts in California. In June of 2019, Google announced that it was planning to lease $750M of corporate land in Silicon Valley to be repurposed for affordable housing and to invest $250M in the creation of 5,000 affordable units in the San Francisco Bay Area.