Airbnb Pledges $25M to Affordable Housing Efforts
- Sep 20, 2019
Short-term rental listing website Airbnb has launched a program that will invest $25 million into projects that support affordable homeownership, small businesses and the development and preservation of affordable rental housing in the California regions of the Bay Area and Los Angeles County.
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The pilot program, dubbed the Community Impact Investing program, will operate as a partnership with RBC Global Asset Management. The firm will work with local lenders to invest the $25 million from Airbnb in a fixed-income strategy that will have a positive effect on communities in the chosen areas.
The investments must meet one of four requirements: supports access to affordable homeownership for low-to-moderate income households, preserves or increases access to affordable rental housing and workforce housing opportunities, finances meaningful infrastructure initiatives in designated areas or supports small businesses that serve the community, create jobs and deliver more goods and services to the residents of the desired areas.
The company’s co-founder & CEO, Brian Chesky, announced the program during a panel discussion at the 2019 Philanthropy Innovation Summit at Stanford University this week. Chesky told the audience he was inspired by California Governor Gavin Newsom’s leadership. The decision comes on the heels of big tech firms pledging big bucks toward solving the housing crisis. In June, Google announced it would be investing $1 billion to build housing in Bay Area. Five months before that, Microsoft announced a $500 million investment toward creating and preserving affordable housing in the Seattle area, where the company is based.