Billionaires | June 26, 2017

Chan Zuckerberg Initiative invests in affordable housing for teachers

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Mark Zuckerberg believes in “personalized learning” and wants kids to teach themselves (through software Facebook is helping develop).

But teachers will have a role, too, so Zuckerberg’s LLC is making a $5 million investment in Landed to help teachers buy homes in the Bay Area’s high-priced housing market.

Landed generally contributes up to half of a 20% down payment to help local teachers buy a home, and takes 25% of the gain when the home is resold. The Chan Zuckerberg investment is expected to support 50 teachers.

The booming tech sector has driven the cost of homes beyond the reach of most teachers, to $750,000 in Redwood City and $1.3 million in East Palo Alto. (If you have to ask about Palo Alto, you can’t afford it.)