Dive Brief:
- Amazon announced it has helped build or preserve more than 10,000 affordable housing units in the Puget Sound region, following through on a pledge made in 2021 to boost supply.
- The online retail giant, headquartered in Seattle, said it has invested more than $900 million in affordable housing in the region, benefitting 22,000 residents. It has worked with local developers and housing authorities to meet the milestone, issuing grants and below-market loans from its multi-billion-dollar housing fund.
- Amazon said it is committed to keeping the housing affordable for 99 years. A majority of the housing supports households that earn 30% to 80% of the area median income, which in the Puget Sound region is $106,100.
Dive Insight:
Greater Seattle has a housing affordability problem. In 2021, Amazon announced it would open its wallet to help address the issue.
The company brought a flood of high-paying tech positions to the area, pricing many medium- and low-income households out of the market, some experts say. In 2024, the area’s median home price surged to $755,000, the second highest in the nation.
Amazon committed $2 billion in 2021 to help establish more than 20,000 affordable housing options in three areas it most impacted: the Puget Sound region, Arlington, Virginia, and Nashville, Tennessee. Last year, the company announced it had exceeded that goal two years ahead of schedule…