Bay Area businesses, community service organizations and elected officials unveiled a sizable investment designed to facilitate residential development while also protecting existing affordable housing.
The Partnership for the Bay’s Future, announced Thursday, Jan. 24, plans for a $500 million fund intended to provide solutions to housing as well as transportation problems.
The investment is a partnership between the Chan Zuckerberg Initiative, Genentech, Facebook, the Silicon Valley Community Foundation, the David and Lucile Packard Foundation and many other Bay Area partners.
Gov. Gavin Newsom lauded the program as the type of bold action needed to address the housing crisis crunching so many living throughout the Bay Area.
“The scope of the housing crisis requires bold action. And it also requires that all sectors come to the table to drive new solutions — the government, the private sector, philanthropies, advocates and faith leaders,” he said, according to a press release. “This multi-sector public-private approach reflects just that — and will help move our state forward on one of the biggest issues we face.”
The initiative is intended to expand affordability protections for up to 175,000 homes over the next five years, while building more than 8,000 homes over the next decade in San Francisco, San Mateo, Santa Clara, Alameda and Contra Costa counties. The program has already collected $260 million of the $500 million it plans to draw in.
“We are thrilled to be joining this diverse coalition of community and faith leaders, advocates, philanthropies, and businesses to support creative and impactful solutions to the housing crisis,” said Priscilla Chan, of the Chan Zuckerberg Initiative, according to a press release.