Businesses, philanthropists to raise $500 million for housing

Major employers and philanthropists in the Bay Area — including Facebook CEO Mark Zuckerberg — announced yesterday (Jan. 24) that they plan to raise $500 million for affordable housing. The move comes a couple of weeks after Gov. Gavin Newsom called on the private sector to do more to address the housing shortage.

The goal of the Partnership for the Bay’s Future is to build at least 8,000 homes within the next 10 years. It also intends to preserve 175,000 homes that are at risk of being redeveloped into more expensive properties.