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Giving Compass' Take:
• Carla Marinucci at Politico discusses how tech giants in Silicon Valley now face political pressure to address homelessness and the housing crisis in California and how they aim to help.
• Although the tech boom provided an influx of wealth into the Silicon Valley area, it also displaced many people and residents. How will funding from these tech companies actually help?
SAN FRANCISCO — Facing political pressure to help tackle California's housing crisis, a group of high-profile Silicon Valley tech firms is touting what it calls the nation’s largest-ever housing fund in a region with some of the country’s priciest real estate.
The partnership involves a trio of powerful Silicon Valley players — the Chan Zuckerberg Initiative, the San Francisco Foundation, and the Local Initiative Support Corporation — with the support of major corporate leaders, community leaders and housing advocates. The partnership says it has already secured an initial $200 million for an intended $500 million investment fund for housing. The group says it has secured commitments from Facebook, Genentech and Silicon Valley Community Foundation, among others.
The new housing partnership comes at a time when Silicon Valley’s biggest corporate players have been under increasing pressure to address the housing and homelessness issue in California, even as they wrestle with their own corporate image crisis in Washington.
Read the full article about Silicon Valley's housing shortage by Carla Marinucci at Politico