The tech industry seems to be expanding its operations and is not only concentrating on technology. One of the industry giants Microsoft Corporation (NASDAQ:MSFT) has picked on a new line, that of tackling the housing crisis in the Seattle area. Lack of affordable housing is a growing problem across many of the U.S hottest housing markets. It is this regard that the company has vowed to offer to spend $500 in its efforts to eliminate the problem.
The move comes in the wake of booming business from various companies such as Amazon. The rising cost of housing has also triggered the new turn of events. Mayors of nine cities are in support of Microsoft’s endeavor and have promised to consider zoning changes. These they will help the company deliver its agenda.
A healthy business must engage a healthy community
With the growing need for a revolution in the tech industry, it is only fair to involve the community. According to Microsoft president Brad Smith, the company has held talks with Challenge Seattle, an alliance, which addresses civic issues. The talks resulted in the pledge expected to increase housing for
The smaller cities surrounding Seattle have the most severe crisis. It is very common to see tent encampments packed with homeless people. “And a healthy community must have housing within the economic reach of every part of the community, including the many dedicated people who provide the vital services on which we all rely.” This is according to Smith.
Microsoft urges other companies, the state, and local governments to step up similar initiatives
Nancy Backus, the mayor of Auburn, a south Seattle suburb is one of those who have embraced Microsoft’s initiative. She says that lack of affordable housing is affecting Auburn because people are leaving for cheaper places. She also notes that people with good middle-income jobs including nurses and teachers have had to leave the cities they live in search of cheaper accommodation.
Meanwhile, Microsoft is pleading with other institutions to step out and contribute to such initiatives. It turns out that the $500 Million is the most significant pledge Microsoft has ever made. That said Smith is hopeful that it will make a meaningful transformation to tens of thousands of people.