{"id":55543,"date":"2016-12-02T14:26:14","date_gmt":"2016-12-02T22:26:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=55543"},"modified":"2020-10-05T16:22:44","modified_gmt":"2020-10-05T23:22:44","slug":"facebook-housing-and-economic-opportunity","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/facebook-housing-and-economic-opportunity\/","title":{"rendered":"Facebook, Housing and Economic Opportunity"},"content":{"rendered":"<figure id=\"media-55584\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/12\/Menlo-park-Facebook.jpg\" alt=\"Menlo Park, CA, USA \u2013 March 18, 2014: A sign at the entrance to the Facebook World Headquarters located in Menlo Park. Facebook is a popular online social networking service.\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">What happens when thousands of good jobs suddenly appear in your neighborhood, but you don\u2019t have the skills to get hired? It\u2019s as if a UFO full of money landed in your backyard, but the cash is locked in another dimension. Now imagine the backyard is Menlo Park, California and the UFO is Facebook\u2019s headquarters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, Facebook set aside $20 million for affordable housing and economic opportunity in Menlo Park, where the median home price is <\/span><a href=\"https:\/\/redfin.com\/city\/11961\/CA\/Menlo-Park\"><span style=\"font-weight: 400;\">approaching $2 million<\/span><\/a><span style=\"font-weight: 400;\">. For every 25 new jobs in the area, only one home gets built, according to data from San Mateo County. The tech boom is shadowed by a housing crisis, and a rent spike that makes life tough for the locals. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Plus, California\u2019s proposition 13 keeps taxes so low on existing properties that it makes sense for Menlo Park\u2019s homeowners to keep homes forever, even after moving out. This exacerbates the low housing supply, and drives up home values even further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facebook is stepping in to help out. And while most of the $20 million will go to housing-related projects, some of it will go to job-training programs. The idea is to build affordable homes so people with <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/11\/economically-integrated-neighborhoods.html\"><span style=\"font-weight: 400;\">different incomes<\/span><\/a><span style=\"font-weight: 400;\"> can live in the same community, and at the same time give local working-class folks the training they need so they can eventually hit the ground running as new-hires at Facebook or other Silicon Valley tech companies. This is exciting stuff, and it means that some locals will have a better shot at enjoying the bounty in their own backyard. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happens when thousands of good jobs suddenly appear in your neighborhood, but you don\u2019t have the skills to get hired? It\u2019s as if a UFO full of money landed in your backyard, but the cash is locked in another dimension. Now imagine the backyard is Menlo Park, California and the UFO is Facebook\u2019s headquarters. [&hellip;]<\/p>\n","protected":false},"author":13194,"featured_media":55584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[32],"coauthors":[],"class_list":["post-55543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Facebook, Housing and Economic Opportunity - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/facebook-housing-and-economic-opportunity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook, Housing and Economic Opportunity\" \/>\n<meta property=\"og:description\" content=\"What happens when thousands of good jobs suddenly appear in your neighborhood, but you don\u2019t have the skills to get hired? 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