Key Takeaways
- Amazon has developed or preserved over 10,000 affordable housing units in Puget Sound, investing more than $900 million.
- Amazon’s commitment ensures these units remain affordable for 99 years, primarily for households earning 30% to 80% of the area’s median income.
- Amazon aims to create 20,000 affordable housing options by 2024, exceeding its goal ahead of schedule amid rising real estate prices in the region.
Amazon’s Commitment to Affordable Housing
Amazon has significantly impacted affordable housing in the Puget Sound area, announcing the establishment or preservation of over 10,000 housing units. This achievement is part of a promise made in 2021 to address the growing affordability crisis driven by an influx of high-paying tech jobs in the region.
The company has allocated more than $900 million to support this initiative, benefitting around 22,000 residents. Collaborating with local developers and housing authorities, Amazon has issued grants and below-market loans from its multi-billion-dollar housing fund to meet this milestone. The company ensures that housing remains affordable for 99 years, primarily aimed at households earning between 30% to 80% of the area’s median income, which currently stands at $106,100 in the Puget Sound region.
The affordable housing crisis in greater Seattle has been exacerbated by rising median home prices, which hit $755,000 in 2024, making it the second highest in the U.S. Experts note that an influx of tech jobs has made housing less attainable for many medium- and low-income households.
In addition to its initiatives in Puget Sound, Amazon pledged $2 billion in 2021 to create more than 20,000 affordable housing opportunities in regions significantly impacted by the company, including Arlington, Virginia, and Nashville, Tennessee. Last year, Amazon reported that it had exceeded this goal two years early.
Beyond Amazon, other tech giants are also committing funds to combat the affordability gap. Microsoft, for instance, allocated $73 million in grants and investments for affordable housing in the Puget Sound region in 2022. Other companies, including Google, Meta, and Apple, have also announced similar initiatives in various regions, but results have been mixed, according to a recent Wall Street Journal report.
Joe Thompson, president of Mercy Housing Northwest, which operates affordable housing units in Washington, Oregon, and Idaho, remarked that Amazon’s contributions have been “transformative” for the region. Amazon’s recent impact report indicated that its funds have led to a 31% increase in affordable housing units in Bellevue, Washington.
Thompson highlighted that the company’s approach combines essential financial resources with a commitment to long-term community stability through the 99-year affordability requirement. Projects like Connection Angle Lake exemplify Amazon’s focus on creating not just housing, but integrated communities where residents have access to transit, employment, and essential services. This strategy aims to foster environments where people can truly thrive amidst the challenges posed by rising living costs.
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