Amazon pledged to support affordable housing. How has it fared so far?

Core Perspective - Amazon has made significant strides in affordable housing development, committing funds to create and preserve housing units in areas where it operates, particularly in Seattle, Arlington, and Nashville [6][7][8]. Funding and Development - Amazon's Housing Equity Fund was launched in 2021 with an initial commitment of $2 billion, aimed at creating 20,000 affordable housing units [6]. - The fund has exceeded its initial goal, with 21,000 units completed, including 8,600 in the Seattle area, and an additional commitment of $1.4 billion for 14,000 more homes [7][8]. - The recent project in SeaTac includes 130 affordable housing units, with 40% already occupied [5][4]. Target Demographics - The affordable housing supported by Amazon targets individuals earning between 50% and 80% of the area median income (AMI), which is approximately $110,000 for an individual in Seattle [10]. - This focus aims to assist community members such as teacher assistants and security guards who struggle with rising rents [11]. Community Impact - Amazon's investments have led to a 31% increase in affordable housing stock in Bellevue, with significant developments also in Seattle and Tacoma [13]. - The company emphasizes collaboration with local developers and housing authorities to enhance community stability and security [12]. Market Dynamics - Despite the increase in affordable housing units, the market faces challenges, including higher vacancy rates due to flattened rents in Seattle, which affect the affordability for extremely low-income tenants [14]. - Amazon acknowledges the need for lower-income housing and maintains a mixed portfolio that includes units for families earning below 50% of the median income [15].