The California housing crisis has grabbed international media attention over the years. While locals have seen the shortage of affordable housing up close and personally, companies like Apple, Google and Facebook have earned reputations for their impact on the Silicon Valley community at large. With an eye to these disruptive reputations, the three companies recently pledged a combined $4.5 billion to help build more affordable housing across the state. On the face of it, $4.5 billion seems like an impossibly large sum. It's difficult to imagine just how many apartment buildings, homes, and condos that money could buy. While the pledges are certainly a step in the right direction, many critics argue that the money doesn't go far enough to address the housing crunch state-wide. Experts say the need for affordable housing in Santa Clara and San Mateo exceeds what the private sector can provide. One data set estimates at least 54,000 units are required locally. Even if Apple's entire $2.5B were spent building such units, the money would only cover about 3,333 units. Still, there is reason to remain hopeful. The pledges are indeed just a start, but housing advocates say the move could spur other tech companies to join the effort. - Scott Safadi, Cal Bay Property Management
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AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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