Jan 7, 2021

Amazon pledges billions for affordable homes in US

EPA. Amazon has become the latest US tech giant to pledge billions of dollars to support affordable housing. The e-commerce giant said it was starting a fund of more than $2bn aimed at creating or preserving 20,000 homes across three regions in the US. The money will be used primarily to support low-cost loans for moderate income families, it said. The effort follows years of rising home and rental prices in the US. Home prices have climbed more than 6% each year since 2012, despite muted wage growth for most workers. In addition to subsidising the low-cost home loans, the firm is also planning donations to charities and other groups working on the housing issue. Amazon boss Jeff Bezos said the Housing Equity Fund would "Help local families achieve long-term stability while building strong, inclusive communities".

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