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$1 Billion Committed By Facebook To Reasonable Housing In The US

Facebook stated that, during the coming decade, it is giving $1 Billion in reasonably priced housing, a majority of it in California, its home state. The prominent social network has teamed up with Governor Gavin Newsom along with others on plans planned to give rise to as many as twenty thousand new housing units for first responders, nurses, teachers, and other “essential workers,” as per David Wehner, the Facebook Chief Financial Officer.

Newsom stated, “Access to more reasonable accommodation for all families is vital to dealing with economic inequity and reinstating social mobility in California and further. The housing affordability cannot be alone resolved by the state government, we require others to come along with Facebook to step up—development needs association with the philanthropy and private sector to change the current situation and cope with the cost crisis faced by our state.”

Earlier Facebook had partnered with local officials and community groups on reasonably priced housing programs in the Silicon Valley city of Menlo Park and in the San Francisco Bay area. As per Wehner, a family of 4 with annual household revenue of $100,000 is deemed as low-income in San Francisco.

The social media giant is offering $250 Million to an association with California for homes on spare state-possessed plot where housing is limited, and will offer land of worth $225 Million it has already procured in Menlo Park to be utilized for more than 1,500 plots of mixed-income housing, as per Wehner. Around a third of the cash, some $350 Million, will be allocated to reasonably priced housing schemes across the United States, said Facebook.

Likewise, plans were shared by Mark Zuckerberg, Facebook CEO, to invest millions of bucks into the news business, gaining laughs and appreciation from a mass of media industry reporters and executives. The plan, “Facebook News,” signifies a decisive alteration in the relationship of the firm with an industry that has been bruised and buffeted by the Facebook algorithm’s irregularity and the firm’s reputation among advertisers.

Gordon McCoy
Gordon McCoy Author
Sr. Content Writer At Carib World News

With a Master of Science in Computer Science Degree and 5 years of active involvement in the IT domain, Gordon was appointed as Technology Department Head 2 years back at his previous company. Formerly, he was working as a journalist. He is very choosy while picking up the words to present the news reports to readers. At the same time, you will definitely get a sense of his delightful personality and commendable knowledge in the field when you read his writings on Carib World News’s platform. He loves to write on various topics such as cyber systems, data management, software development, and all that kind of stuff.

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