Amazon.com Inc intends to invest billions into affordable housing in three areas where it employs the most workers: Seattle, Arlington, Va., and Nashville. Investments in affordable housing in these areas are planned to continue for the next five years. Amazon employs 75,000 workers at its main headquarters in Seattle, and more than 1,000 employees in both Arlington and Nashville, but those numbers will increase to 5,000 in the next five years, according to Realtor.com. Investments include low-cost loans to both preserve and build affordable housing, along with grants to public agencies and minority-led housing organizations.
“We don’t have control over how the [housing] markets respond to a large employer coming into the market or expanding in the market, but we can play a role in how Amazon’s growth is impacting our local communities,” said Catherine Buell, head of community development for one of Amazon’s philanthropic arms. “Particularly as we’re expanding our corporate presence, we’re working to get ahead of the issue as much as we can.”
A slew of large tech companies in 2019 committed to investing in affordable housing, particularly in the San Francisco Bay Area. Job growth has outpaced new housing supply in many large cities, especially on the West Coast.
Alphabet Inc.’s Google has committed $1 billion toward Bay Area housing, and Apple Inc. pledged $2.5 billion for housing throughout California. Redmond, Wash.-based Microsoft Corp. has committed $750 million toward affordable housing in the Seattle area.
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