Many big tech companies who have offices in suburban cities have to face criticism for raising the prices of the local housing market because due to such big offices in the small towns the local housing market does not perform that much well. In order to avoid that criticism, Microsoft has decided to invest $500 million in the Seattle area where the company is planning to build a low prices houses for all those people who are not able to purchase the home because of the high prices. The growth of the tech companies in this area has skyrocketed the prices of lands due to which many people are now not in the right financial position to buy a house for them and the percentage of homeless people is also high in the city.
According to the last year’s survey in which it’s been found that there are more than 11500 homeless people who don’t have any place to live. Microsoft while declaring this news said that this amount would be distributed to build the new housing society and the remaining fund will go to the homeless services and programs which will help people who are homeless and living in the dangerous areas. According to the experts who think that the housing market in the city has reached “crisis” level and if no significant steps are taken now, then it will impact on the city’s economy severely. The housing prices from the last eight years in the city have increased by 96 percent which shows how the big companies are creating a massive problem for the local citizens.
Microsoft’s main aim is to make sure that all the middle and lower class people of this city have a good house. The company thinks that big corporations in the city need to step up and create a good solution for the housing crisis which the city is going through right now