Amazon, the multinational online retail corporation owned by billionaire Jeff Bezos, is pledging to fund $2 billion worth of affordable housing projects in three United States cities after driving up home prices and rents.
This week, Amazon executives said they would be pledging $2 billion to build affordable housing projects across the suburbs of Seattle, Washington; Arlington, Virginia; and Nashville, Tennessee.
“This new $2 billion Housing Equity Fund will create or preserve 20,000 affordable homes in all three of our headquarters regions — Arlington, Puget Sound, and Nashville,” Bezos said in a statement. “It will also help local families achieve long-term stability while building strong, inclusive communities.”
The Amazon funding for affordable housing projects comes as the corporation has skyrocketed rents and home prices for locals where their headquarters are placed. For instance, Amazon helped increase northern Virginia home prices by four percent in a single year after announcing its