Satya Nadella. Photo: Stephen Brashear/Getty Images

Microsoft is pledging $500 million to the Seattle region to address affordable housing issues, the New York Times reported and Microsoft confirmed in a blog post.

Why it matters: This kind of move from such an industry powerhouse will spur debate over what kind of responsibilities fall on companies to find "solutions for those who have not benefited from the industry's fortunes," per the Times. A report from December said the Seattle region needs 156,000 more affordable housing units and will need 84,000 more by 2040 if growth continues.

"The tech sector needs to contribute more to the communities in which they operate," said Brad Smith, Microsoft president and chief legal officer, at a gathering of editors at the company’s headquarters this week. "Explosive economic growth that came to tech hubs, such as Seattle and Northern California, put major strain on the cities’ infrastructure, such as education, transportation, and in particular, housing."

  • "We recognize that jobs came but housing wasn’t built for the people who started to fill them," Smith added. "It’s forced out of the community the school teacher, the nurses, the first responders, many of the people who work at tech companies themselves. What it’s required them to do is live farther away and spend more of their day commuting. It has undermined the health of the communities in which our companies are prospering."

Go deeper

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Wall Street fears meltdown over election and Supreme Court

Illustration: Aïda Amer/Axios

The death of Justice Ruth Bader Ginsburg and President Trump's vow to name her replacement to the Supreme Court before November's election are amplifying Wall Street's worries about major volatility and market losses ahead of and even after the election.

The big picture: The 2020 election is the most expensive event risk on record, per Bloomberg — with insurance bets on implied volatility six times their normal level, according to JPMorgan analysts. And it could take days or even weeks to count the record number of mail-in ballots and declare a winner.

Election clues county by county

Ipsos and the University of Virginia's Center for Politics are out with an interactive U.S. map that goes down to the county level to track changes in public sentiment that could decide the presidential election.

How it works: The 2020 Political Atlas tracks President Trump's approval ratings, interest around the coronavirus, what's dominating social media and other measures, with polling updated daily — enhancing UVA's "Crystal Ball."

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,605,656 — Total deaths: 970,934 Total recoveries: 21,747,491Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,897,432 — Total deaths: 200,814 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.

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