SoCal Housing Is So Unaffordable That Billionaire Philanthropist Mackenzie Scott Has Made Yet Another Multi-Million Dollar Donation To Fix The Problem
MacKenzie Scott is a gift that just continues to give – quite literally. The billionaire ex-wife of Jeff Bezos has made it one of their missions to give away as much of the fortune that she had gained from the divorce, and currently, she is focused on fighting the affordable housing crisis in California.
In the most recent of her string of donations to the California-based affordable non-profit organizations for housing. Scott has donated an “unexpected gift” of $15 million to a California based Century Housing, which builds, finances, and operates rental houses for multifamilies throughout the state. In the month of September, Scott also donated a total of $8 million to the San Francisco based company BRIDGE Housing and $20 million donations to the San Francisco based Community Land Trust.
The latest donation came through as rent almost totally eats the earnings of multiple South California residents. As of July, the monthly average rent for an average apartment in Los Angeles is over $2,700, as per RentCafe. That is almost 60% of the average of the monthly earnings of an adult in the United States.
“Our work is more urgent than ever as rents continue to rise, putting more Californians at risk of housing instability, including groups like the working poor and seniors,”
a spokesperson from Century Housing told Fortune.
“We will use this remarkable gift to increase the supply of affordable housing in SoCal through our investments and developments, working with our many partners to provide housing security for more residents—and to ultimately build more equitable, thriving communities.”
Also, purchasing a home in California is also next to impossible for numerous people, with just 16% of the residents who qualify for purchasing a median-priced home for a single family throughout the second quarter. And most people can just forget about owning a house in San Francisco. The average price for a home there is over $1.2 million, which is, however, down by 9% YoY.
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