Facebook has produced and maintained nearly six hundred homes near its headquarters in Menlo Park, California, approximately 70% of which are reserved for very low- and very low-income residents.
The company said it was on track to create some 750 affordable homes by 2022.
“The Bay Area is home to Facebook and our home, so we are committed to addressing the housing crisis,” said Menka Sethi, Facebook’s director of strategy and location optimization.
Facebook created the Catalyst Housing Fund with $18.5 million to a total of $75 million for the cause.
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“We’ve made an additional $1 billion commitment to housing in California over the next decade,” Sethi said.
Last month, Apple announced that it would spend more than $400 million on housing projects and home assistance systems in California this year, marking a major milestone in the company’s $2.5 billion multi-year commitment to address the state’s housing crisis.
Nearly 30,000 other people left San Francisco between April and June last year, and home ownership in the Bay Area is at a low of seven years.