Facebook Inc. is following other tech titans such as Microsoft Corp. and Google in pledging to use its deep pockets to ease the shortage of affordable housing in West Coast cities. AdvertisementAlthough there are other barriers to construction, the success of Facebook and other technology companies has contributed to soaring housing costs in the Bay Area and greater Seattle, where Microsoft is based. That imbalance has contributed to a growing backlash against tech companies, which are also facing tough questions about their market power, their role in spreading disinformation and their approach to user privacy. The final $225 million is related to land that the company previously purchased and has zoned for housing. AdvertisementThat’s similar to what Google is pursuing with the lion’s share of its own $1-billion pledge to build housing in the Bay Area, which was announced in June.

Source: Los Angeles Times October 22, 2019 17:29 UTC