Facebook Donates One Billion Dollars for Affordable Housing

One billion dollars for affordable housing will be donated by Facebook over the next decade. This will happen in California, the company said.

The leading social network is partnering with the state governor and other well-known project philanthropists to build up to 20,000 new homes for teachers, nurses and other workers.

"What this commitment today is saying is that where we grow, we want to support local communities," said Menka Sethi, Facebook's director of location strategy and site optimization, who oversees the company's housing efforts. "We're going to help partner with local communities to make sure we contribute and do our part."

"Access to low-cost housing for all families is key to addressing economic inequality and restoring social mobility in California and beyond," the company said in a statement.

"State government cannot solve housing affordability alone," Newsom wrote in a Facebook news release, "we need others to join Facebook in stepping up - progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing.", the company said in a statement.

In San Francisco, a family of four with a household income of $ 100,000 a year is considered poor, according to David Wehner, Chief Financial Officer of Facebook.