Facebook pledges $1B to help fix California’s housing crisis (good luck with that)

Facebook today announced it was partnering with the state of California to try and fix the state’s housing crisis. It’s promised $1 billion from its redoubtable coffers — which sounds generous until you realize it’s companies like Facebook that are both feeding the problem and feeling its effects. According to Facebook CFO David Wehner, the company has committed to the amount, broken down into specific projects to improve the state. $150 million, for example, will go towards building affordable housing in the San Francisco Bay Area. It also wants to build “essential worker housing,” intended to “fund construction of housing…

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BY Rachel Kaser