With income at a stand still and housing costs rising, Microsoft felt it was time to do something.
CNN Business reports that Microsoft will invest $500 million to make homes affordable in the Seattle. Microsoft President Brad Smith said the region’s income “hasn’t kept pace with rising housing costs, increasingly making it impossible for lower- and middle-income workers to afford to love close to where they work.”
11,643 people are sleeping in tents. cars and in Seattle shelters according to the City Journal.
“Another $250 million will go toward market-rate loans for construction of affordable housing across the Puget Sound region for people making up to 60 percent of the local median income ($48,150 for a two-person household). The remaining $25 million will be donated to services for the region’s low-income and homeless residents,” according to TIME.
Several companies across the nation are trying to help when it comes to housing. Ally Financial, Bank of America and Barings pledged more than $70 million to help Charlotte North Carolina residents find housing.