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MacKenzie Scott Donates $20 Million to San Francisco Community Land Trust

MacKenzie Scott, the ex-wife of Amazon Founder Jeff Bezos, has donated $20 million to the San Francisco Community Land Trust, an affordable housing nonprofit. The organization aims to create “permanent, resident-owned affordable housing for low- and moderate-income people.” Scott, a philanthropist, has been actively giving away her wealth, which primarily comes from Amazon shares she received as part of her divorce settlement. Her recent donations have totaled billions of dollars, benefiting numerous nonprofits.

A Generous Philanthropist

MacKenzie Scott is known for her philanthropic endeavors and commitment to giving back. Since her divorce from Jeff Bezos in 2019, she has made it her mission to donate a significant portion of her wealth. Through her Yield Giving fund, Scott has donated over $14 billion to more than 1,600 nonprofits. This year alone, 17 nonprofits received donations through the fund, totaling $97 million. Despite her generous contributions, Scott’s net worth still stands at an impressive $36.5 billion.

Scott’s donations have been praised for their impact on various organizations and communities. Her most recent $20 million donation to the San Francisco Community Land Trust is seen as a monumental gift. The organization expressed gratitude for Scott’s belief and commitment to investing in the community land trust model, especially at a time when traditional funders have stepped away. This significant contribution will help address the housing affordability crisis in the Bay Area.

The Housing Affordability Crisis

The San Francisco Bay Area has been facing a housing affordability crisis for several years. The average house value in San Francisco stands at $1,269,632, significantly higher than the national average of $348,126. Additionally, the average rent in San Francisco is $3,519, which is 68% higher than the national median. These high housing costs have led to a challenging situation for low- and moderate-income individuals and families.

The Bay Area Council Economic Institute has termed the housing affordability situation in San Francisco as a crisis point. The rising prices and shortage of affordable housing have made it difficult for many individuals and families to find suitable and affordable homes. This crisis necessitates immediate and bold action to address the intersecting challenges of housing, public health, and climate sustainability.

The Role of Community Land Trusts

The San Francisco Community Land Trust plays a crucial role in preserving San Francisco’s shrinking affordable housing stock. The organization acquires rental buildings and converts them into permanent affordable housing cooperatives with limited equity. This approach offers an alternative form of homeownership, in which current residents have the opportunity to become owners while the land trust remains the owner of the property.

Through their model, the San Francisco Community Land Trust separates the building from the property, thereby ensuring its long-term affordability. This approach helps low- and moderate-income individuals and families secure stable housing in a city where affordability is a significant challenge. The organization currently owns and manages 12 buildings, providing affordable housing options to those in need.

A Pioneering Gift of $20 Million

The $20 million donation from MacKenzie Scott to the San Francisco Community Land Trust is a pioneering gift that will have a lasting impact. The organization plans to use this generous contribution to transform momentum into lasting change. With the launch of a $60 million campaign, they aim to advance their mission of providing affordable housing to more individuals and families in need.

Additionally, the San Francisco Community Land Trust celebrated the opening of 1130 Filbert Street, a four-unit building that it purchased. This building now houses seniors and families who would have otherwise faced the risk of losing affordable housing as it could have been converted into luxury Tenancies in Common condominiums. The donation from Scott enabled the organization to intervene and secure housing for those who need it most.

Addressing the Housing Apocalypse

The San Francisco Community Land Trust recognizes the urgency of taking action before a predicted “housing apocalypse” occurs, rendering land and housing astronomically expensive and inaccessible. Saki Bailey, the executive director of the San Francisco Community Land Trust, emphasizes the need for immediate steps to avoid such a crisis. The organization, with the support of MacKenzie Scott’s donation, aims to create a housing market and economy that works for low-income and BIPOC communities.

Conclusion

MacKenzie Scott’s $20 million donation to the San Francisco Community Land Trust is both generous and impactful. This contribution will help address the housing affordability crisis in the Bay Area and provide long-term housing solutions for low- and moderate-income individuals and families. The pioneering gift from Scott serves as an example of shared commitment to combating the challenges faced by communities in need.

“The scale and depth of our intersecting housing, public health, and climate sustainability challenges require immediate and bold action.” – Co-director of the California Community Land Trust Network

The San Francisco Community Land Trust’s work in preserving affordable housing and providing opportunities for homeownership through limited equity cooperatives is critical in a city where housing affordability has reached crisis levels. Through their model, they are making a significant impact and setting an example for other communities facing similar challenges.

Summary

MacKenzie Scott has donated $20 million to the San Francisco Community Land Trust, an affordable housing nonprofit. The organization aims to create permanent, resident-owned affordable housing for low- and moderate-income individuals. Scott’s donation is part of her ongoing mission to give away a significant portion of her wealth, which primarily comes from Amazon shares she received as part of her divorce settlement. Through her Yield Giving fund, she has donated over $14 billion to more than 1,600 nonprofits.

The housing affordability crisis in the Bay Area, particularly in San Francisco, has reached a critical point. The average house value in the city is significantly higher than the national average, and the average rent is 68% higher than the national median. The San Francisco Community Land Trust plays a crucial role in addressing this crisis by acquiring rental buildings and converting them into affordable housing cooperatives.

MacKenzie Scott’s generous contribution will help the San Francisco Community Land Trust advance its mission of providing affordable housing. The organization plans to use the $20 million donation to launch a $60 million campaign to create lasting change. This pioneering gift serves as an example of the shared commitment to address the housing affordability crisis and provides hope for communities in need.

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MacKenzie Scott has donated $20 million to the San Francisco Community Land Trust, an affordable housing nonprofit with a mission to create “permanent, resident-owned affordable housing for low- and moderate-income people.” his website reads.

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