Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How non-QM lenders can make the origination process easier for brokers

As a leader in non-QM loans, Angel Oak Mortgage Solutions offers the expertise and technology to make a broker's life easier - not harder.

InvestmentsReal Estate

Microsoft pledges $500 million to address Seattle’s affordable housing problem

Aims to lessen negative impact of tech boom on Seattle residents

Microsoft has pledged $500 million to fund the construction of affordable housing in the Seattle area.

The effort is a move to address criticism that tech companies have pushed lower income residents out of their communities, as an influx of well-paid tech employees have descended on the area, driving up home prices and making Seattle one of the most expensive cities to live in the nation.  

Microsoft is headquartered in Seattle, where it employs about 50,000 people. It said that median home prices in the area soared 96% from 2011 to 2018, while median household income rose 34%. The company estimated that there is a shortage of more than 300,000 housing units for middle- and low-income families, according to The Wall Street Journal.

Microsoft said $475 million will be used to fund construction loans for affordable housing over the next three years, while the remaining $25 million will fund grants that address homelessness.

Microsoft has been vocal about taking steps to counter the negative impact of technology, recently promoting federal regulation of facial recognition technology. The company also declined to take a position on a proposed tax law that would require Seattle-area businesses to pay a per-employee tax to fund services for the homeless and support affordable housing. Amazon successfully blocked the proposal.

Microsoft President Brad Smith said affordable housing is one issue tech companies need to address when assessing their impact on local communities, the WSJ reported.

“Increasingly we have to ask ourselves not just how we benefit from the communities in which we work, but how we help these communities grapple with all these changes,” Smith said.

Most Popular Articles

Home prices are still rising, but relief for buyers is coming

Domestic home prices increased 2.3% from May to June, and 17.2% year-over-year, per CoreLogic. Twin Falls, Idaho had the highest annual increase at 40.2%.

Aug 03, 2021 By

Latest Articles

More households paid their rent and mortgage in Q2 2021

Fewer than five million households failed to make their rent or mortgage payments in the second quarter of 2021, down from Q1

Aug 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please