Facebook plans to invest $20 million in affordable housing projects

Facebook has agreed to invest $20 million in affordable housing initiatives after facing intense criticism for failing to help low-income residents in Silicon Valley where the technology boom has exacerbated displacement and gentrification. The corporation, which is pushing forward with a massive campus expansion in northern California, announced a partnership with community organizations aimed at funding affordable housing construction and assisting tenants facing eviction. Housing activists who have long been critical of Facebook and its role in accelerating income inequality in the region said the investment marked an “unprecedented” collaboration between Silicon Valley corporations and advocacy groups and that the project could push neighboring tech companies to better address local poverty.