By CultureBanx Team
Microsoft pledges $500M to Seattle’s affordable housing crisis
The black homeless rate in Seattle’s King County is 29.2%
CBx Vibe: “Welcome to Seattle” Boom Bap Project
Microsoft (MSFT +0.91%) is trying to build a more inclusive Seattle with a $500 million cash injection into the city’s affordable housing projects. The tech giant created a $475 million trust fund to support the creation of middle-income housing, along with a $25 million donation to address homelessness. In a city that’s home to two of the largest tech companies, Amazon (AMZN +0.95%) and Microsoft, can a society that values private profits more than public welfare, ever truly address the problems of its own making?
Why This Matters: Since Microsoft has committed such a small portion of the money to addressing homelessness it will be hard to move the needle. A point-in-time count last year tallied more than 11,600 homeless people in King County which is the area of Seattle where Microsoft is located. Black people represent 6.2% of King County’s population and have the highest homeless rate at 29.2%. These figures are a 23% over representation for African Americans in Seattle’s homeless sector, according to the U.S. Department of Housing and Urban Development’s American Community Survey.