Meta's initiative to address California's affordable housing crisis began in 2019 with a pledge of $1 billion, but by 2023, the program has seen a severe decline. Initially supportive, the company's commitment has waned, evidenced by layoffs and diminished spending. By late 2022, the direct funding for housing construction was halted despite earlier donations totaling over $418 million. Although Meta claims ongoing efforts to contribute through partnerships, insiders suggest that real impact has diminished, raising concerns about the actual commitment to solving the housing crisis in the region.
"In November 2022, after having donated $225 million in land and allocating $193 million out of the proposed $775 million, executive leadership ended the funding that went directly to building affordable housing."
"While Meta claims it will continue to invest in housing through 2029, sources indicate that little progress has been made since the end of 2022."
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