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To Ease The Seattle Housing Crisis, Microsoft Pledges $500Mn

Smith said he views the fund as an acknowledgment of the economic realities faced by low-salary workers at the company and elsewhere in King County.

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Homeless, seattle
A man lies in a tent with others camped nearby, under and near an overpass in Seattle, Feb. 9, 2016. Microsoft pledged $500 million to address homelessness and develop affordable housing in response to the Seattle region's widening affordability gap. VOA

Microsoft pledged $500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap.

Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re being priced out of Seattle and some of its suburbs, and when the vast majority of new buildings target wealthier renters, said Microsoft President Brad Smith.

The pledge is the largest in the company’s 44-year history, and, according to the company, is one of the heftiest contributions by a private corporation to housing, The Seattle Times reported. In comparison, the amount dwarfs the $100 million in annual funding for Washington state’s Housing Trust Fund.

It’s too early to say exactly how much affordable housing will ultimately result from the $500 million, Microsoft officials said. Smith said the company, based in the Seattle suburb of Redmond, hopes to leverage the fund to help create “tens of thousands of units.”

Microsoft, seattle
Microsoft’s Brad Smith, president and chief legal officer, speaks at the annual Microsoft shareholders meeting in Bellevue, Wash., Nov. 30, 2016. VOA

Funds split three ways

The initiative comes as Microsoft and other tech giants that have driven the region’s economic boom face increasing pressure to help mitigate affordable-housing shortages. Microsoft is coupling its contributions with a call for other companies to step up, and for Seattle’s Eastside suburbs, of which Redmond is one, to facilitate more housing.

The company, which plans a news conference Thursday, will split the funds three ways.

Microsoft will loan $225 million at below-market interest rates to help developers facing high land and construction costs build and preserve “workforce housing” on the Eastside, where the company has 50,000 workers and is planning for more. The developments will be aimed at households making between $62,000 and $124,000 per year.

Secondly, $250 million will go toward market-rate loans for construction of affordable housing across the Puget Sound region for people making up to 60 percent of the local median income ($48,150 for a two-person household). The remaining $25 million will be donated to services for the region’s low-income and homeless residents.

Typhus, seattle
A homeless man sits at his street-side tent along Interstate 110 along downtown Los Angeles’ skyline, May 10, 2018. Thousands of homeless people sleep on the streets of Los Angeles County.. VOA

Acknowledging the reality

Smith said he views the fund as an acknowledgment of the economic realities faced by low-salary workers at the company and elsewhere in King County.

Also Read: The Plight of India’s Homeless Women Increases As Cities Expand

“At some level we as a region are going to need to either say there are certain areas where we’re comfortable having more people live, or we just want permanently to force the people who are going to teach our kids in schools, and put out the fires in our houses and keep us alive in the hospital, to spend four hours every day getting to and from work,” he said. “That is not, in our view, the best outcome for the community.” (VOA)

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Americans Tend to Rely on Social Media for News which is often Unreliable: Report

Those who rely on social media and peers for news, on the other hand, don't see those platforms as reliable yet still choose to get their news from these sources

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Social Media
The findings of a research suggest that perceived reliability is not the only factor that drives what Americans choose as their go-to News sources on Social Media. Pixabay

Owing to lack of time and competing demands, one-third of Americans rely on news platforms they acknowledge are less reliable, mainly social media and peers, says a new report.

The other two-thirds of the public consider their primary news sources trustworthy, mainly print news and broadcast television, according to the report from California-based non-profit RAND Corporation.

“A lack of time and competing demands may explain why a third of Americans turn to news sources they deem less reliable, which suggests improving the quality of news content or teaching people how to ‘better consume’ news isn’t enough to address ‘Truth Decay,'” said Jennifer Kavanagh, senior political scientist and co-author of the report.

“Media companies and other news providers may need to provide more easily accessible and digestible ways for individuals to consume high quality investigative journalism”.

“Truth Decay” is a phenomenon defined as diminishing reliance on facts, data and analysis in public life.

The report draws from a national survey of 2,543 Americans to examine how reliability, demographics and political partisanship factor into news choices and how often people seek out differing viewpoints in the news.

About 44 per cent of respondents reported that news is as reliable now as in the past, while 41 per cent said it has become less reliable and 15 per cent – mostly women, racial and ethnic minorities and those without college degrees – said it is more reliable.

Social Media
Owing to lack of time and competing demands, one-third of Americans rely on News platforms they acknowledge are less reliable, mainly Social Media and peers, says a new report. Pixabay

Respondents who lean on print and broadcast platforms were more likely to deem them reliable.

Those who rely on social media and peers for news, on the other hand, don’t see those platforms as reliable yet still choose to get their news from these sources.

“The findings suggest that perceived reliability is not the only factor that drives what Americans choose as their go-to news sources,” said Michael Pollard, a sociologist and lead author of the report.
“Despite acknowledging that there are more reliable sources for news, people with demands on their time may be limited to using less reliable platforms.”

Asked whether they ever seek out alternate viewpoints when catching up on the news, 54 per cent said they “sometimes” do, 20 percent said, “always or almost always,” 17 per cent said “infrequently,” and 9 percent said, “never or almost never.”

The report also identified the four most common combinations of news media types consumed by Americans: print publications and broadcast television, online, radio, and social media and peers.

Those who are college-educated were less likely to get their news from social media and peers, instead opting for radio and online sources.

Social Media
Media companies and other News providers may need to provide more easily accessible and digestible ways for individuals to consume high quality investigative journalism, especially on Social Media. Pixabay

Those with less than a college education were more likely to report “never or almost never” seeking out news with alternate viewpoints.

“Those who are married were three times more likely than singles to rate their peers as the most reliable source for news,” said the report.

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Unmarried people were more likely than married people to report they “always or almost always” seek out sources with differing views. (IANS)