AMAZON Pledges To Invest Billions Into Affordable Housing For Americans across three regions of the US
Amazon has reportedly become the latest of the US tech giants to pledge financial aid to help provide affordable housing for American families, following in the footsteps of Apple, Google, Facebook, and Microsoft, who announced similar schemes in 2019.
The company plan to create a fund of $2bn (£1.47bn) which will be used to provide low-cost loans to low to moderate-income families, across three regions of the US, in its hometown of Seattle, plus Washington DC, and Nashville, which are two of Amazon’s main employment hubs, as well as investing in the construction of new housing, and the renovation of existing properties, then to subsidise those properties to be offered at affordable prices.
The e-commerce giant has come under strict scrutiny of late surrounding the comparison in the wages it pays its workforce, to the huge profits it is making since the lockdowns came into force, saying they also plan to contribute to charities and other foundations involved in the planned housing initiatives.
Jeff Bezos, the CEO of Amazon commented that their ‘Housing Equity Fund’ would “Help local families achieve long-term stability while building strong, inclusive communities”.
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