Facebook pledges $1 billion to address California housing crisis

As a housing shortage afflicts portions of California, Facebook plans to spend $1 billion to build up to 20,000 new, affordable housing units, the Silicon Valley-based social media giant announced on Tuesday.

Why it matters: Facebook is the third tech company to make a financial commitment to help fix the housing crisis. The problem is at least in part attributed to the growth of the technology industry and the resulting influx of workers. Google, too, made a $1 billion Bay Area pledge in June, and Microsoft put $500 million toward building affordable housing in Seattle in January.