Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Facebook, under scrutiny in Washington DC, pledges $1 billion for affordable housing in California



ImpactAlpha, Oct. 23 – Social media giant Facebook became the third tech company this year to commit capital to affordable housing in West Coast cities (Microsoft pledged $500 million in Seattle; Alphabet’s Google committed $1 billion in San Francisco).

Today, Facebook founder Mark Zuckerberg will testify before Congress about allegations that Facebook allowed third-party advertisers to exclude certain users from viewing housing ads, potentially violating the Fair Housing Act. (The company is on track to spend more than ever this year on federal government lobbying, according to Roll Call.)

Facebook’s billion-dollar pledge, spread over 10 years, aims to create 20,000 new housing units. At least $150 million will go towards the Bay’s Future Fund, the affordable housing investment fund of the Partnership for the Bay’s Future.

Chan Zuckerberg Initiative, the philanthropic vehicle of Zuckerberg and his wife, Priscilla Chan, committed $40 million to the partnership in January. 

You might also like...