"This stimulates thought," Smith said after the announcement. "This made us wonder if this is not the answer as it is because we need a new answer."
Smith admits his company does not have all the answers, but the company believes that any other regional-based company outside Amazon can do – provide capital.
Microsoft has raised a $ 135 billion cash reserve.
"We will give loans at lower market rates, so we will actually subsidize the construction of new homes," said Smith. Microsoft hopes that builders will be stimulated by lower rates to create affordable housing in the area. new jobs created in the region over the last few years.
The focus is primarily on the east and south of Lake Washington, where most Microsoft employees live. The flat is designed for people whose lower paid jobs support growth that Microsoft has experienced since moving to the east 40 years ago; jobs such as teachers, police officers, firefighters and small businesses.
"This is the catalyst we needed to move forward," said Seattle Mayor Jenny Durkan after the announcement. "The censured ones should take this as an incentive to do more to allow more housing," said the Council of the Council of the Royal Council and former mayor of Bellevue Claudia. Balduchi. "It's a real victory."
Smith said the plan is to keep the funds for housing projects for three years and eventually reinvest the loan payments from these projects to other affordable housing.