{"id":174744,"date":"2024-06-28T10:37:54","date_gmt":"2024-06-28T16:37:54","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=174744"},"modified":"2024-08-12T02:34:49","modified_gmt":"2024-08-12T08:34:49","slug":"amazon-puts-another-billion-into-its-housing-fund","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/amazon-puts-another-billion-into-its-housing-fund","title":{"rendered":"Amazon Puts $1.4 Billion More Into Its Housing Fund, But Critics Call It a PR Play"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC5714344184\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">On June 11, Amazon <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.aboutamazon.com\/news\/community\/amazon-housing-equity-fund-1-4-billion-investment\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">announced<\/span><\/a> <span data-preserver-spaces=\"true\">that it would be contributing<\/span><span data-preserver-spaces=\"true\"> another $1.4 billion to its Housing Equity Fund.<\/span><span data-preserver-spaces=\"true\"> Amazon created the fund <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.aboutamazon.com\/impact\/community\/housing-equity\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">back in 2021<\/span><\/a><span data-preserver-spaces=\"true\">, initially giving $2.2 billion \u201cwith a commitment to create or preserve 20,000 affordable homes in the Puget Sound, National Capital, and Nashville regions\u2014three communities that Amazon calls home,\u201d according to a report by the company.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The three areas are all places where Amazon has major corporate hubs. The new pledge will have a substantial focus on Arlington, Virginia, where Amazon has its HQ2. Amazon says it exceeded its target and delivered 21,000 affordable homes instead of the promised 20,000. The new funds will deliver a further 14,000 affordable homes for low-to-middle-income people in the target regions, according to the internet giant.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Unsurprisingly, Amazon\u2019s involvement in affordable housing has attracted as much criticism as praise. Critics say that while Amazon\u2019s efforts are better than nothing, they don\u2019t negate <\/span><span data-preserver-spaces=\"true\">the fact<\/span><span data-preserver-spaces=\"true\"> that the retailer is problematic for the communities it purports to serve.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As is usually the case with corporations\u2019 philanthropic ventures, the truth lies <\/span><span data-preserver-spaces=\"true\">somewhere<\/span><span data-preserver-spaces=\"true\"> in the middle. Amazon cannot solve all the systemic problems affecting U.S. housing markets. But is it part of the problem? And could it fine-tune its strategy to deliver more impactful change?&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Let\u2019s <\/span><span data-preserver-spaces=\"true\">take a more in-depth look at what Amazon has done<\/span><span data-preserver-spaces=\"true\"> in affordable housing <\/span><span data-preserver-spaces=\"true\">so far\u2014and where it could improve<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Has Amazon\u2019s Housing Fund Achieved So Far?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">First, the good.<\/span><span data-preserver-spaces=\"true\"> As mentioned, Amazon has delivered 21,000 affordable homes in its target regions since setting up the Housing Fund in 2021.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">One of the true achievements of Amazon\u2019s approach is that it didn\u2019t just build new units. According to its <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/assets.aboutamazon.com\/e9\/0a\/165c4abc4fc0aad0f6b40588b9a7\/amazonhousingequityfund-2024impactreport.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Housing Equity Fund Impact Report<\/span><\/a><span data-preserver-spaces=\"true\">, 59% of Amazon\u2019s funding so far has supported the preservation of existing affordable housing, as well as \u201cthe conversion of existing prevailing-rate housing to dedicated affordable homes.\u201d This supports renters \u201cat risk of displacement from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rent-prices-are-guaranteed-to-rise-over-the-next-two-years\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rising rents<\/span><\/a><span data-preserver-spaces=\"true\">.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Amazon is on the right track here. The main criticism leveraged against affordable housing by local groups and independent researchers is that it\u2019s <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> not very <\/span><span data-preserver-spaces=\"true\">affordable<\/span><span data-preserver-spaces=\"true\">. According to the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/apps.urban.org\/features\/cost-of-affordable-housing\/#:~:text=In%20fact%2C%20there%20is%20a,This%20tool%20helps%20explain%20why.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Urban Institute<\/span><\/a><span data-preserver-spaces=\"true\">, \u201cthere is a huge gap between what these buildings cost to construct and maintain and the rents most people can pay.\u201d <\/span><span data-preserver-spaces=\"true\">From a developer\u2019s perspective, affordable housing <\/span><span data-preserver-spaces=\"true\">often <\/span><span data-preserver-spaces=\"true\">simply<\/span><span data-preserver-spaces=\"true\"> is<\/span><span data-preserver-spaces=\"true\"> not worth it, so typically, affordable housing projects <\/span><span data-preserver-spaces=\"true\">end up needing<\/span><span data-preserver-spaces=\"true\"> government subsidies to make them viable.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Even then,\u201caffordable\u201d housing often ends up being unaffordable for an area\u2019s lowest-income residents because the metric used to determine what counts as affordable is <\/span><span data-preserver-spaces=\"true\">in itself problematic<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> The <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.hud.gov\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">U.S. Department of Housing and Urban Development (HUD)<\/span><\/a><span data-preserver-spaces=\"true\"> defines a home as affordable if a household spends no more than 30% of its income on housing-related costs.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Obviously,<\/span><span data-preserver-spaces=\"true\"> this is<\/span><span data-preserver-spaces=\"true\"> a <\/span><span data-preserver-spaces=\"true\">somewhat arbitrary <\/span><span data-preserver-spaces=\"true\">figure<\/span><span data-preserver-spaces=\"true\">, especially in areas where local income can vary drastically, from<\/span><span data-preserver-spaces=\"true\">, say,<\/span><span data-preserver-spaces=\"true\"> $40,000 to over $100,000 a year.<\/span><span data-preserver-spaces=\"true\"> Definitions of \u201clow income\u201d also present a lot of variation because low income can be anything under 80% of the Area Median Income (AMI). Affordable housing often <\/span><span data-preserver-spaces=\"true\">ends up benefiting<\/span><span data-preserver-spaces=\"true\"> people at the higher end of that spectrum.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">All this<\/span><span data-preserver-spaces=\"true\"> means converting existing housing into affordable housing<\/span><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">or preserving what\u2019s already been built<\/span><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">is more sustainable for local communities.<\/span><span data-preserver-spaces=\"true\"> Amazon has gone one step further in securing that affordability by guaranteeing that&nbsp;95% of its affordable housing will stay affordable for 99 years. That is unusual: Most <\/span><span data-preserver-spaces=\"true\">affordable<\/span><span data-preserver-spaces=\"true\"> homes are only kept at affordable rates for 15 to 30 years, at which point they revert to market rates.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The other thing Amazon got right is that it has correctly identified a strength in its ability to make an immediate difference to smaller-scale, local affordable housing projects that need extra funding to succeed.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A much-covered case in point is Crystal House Apartments in Arlington, Virginia. The iconic apartment building went on sale in 2020, presenting a rare opportunity to convert existing high-quality housing into affordable housing for the Washington Housing Conservancy (WHC).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The trouble was that the WHC <\/span><span data-preserver-spaces=\"true\">did not have enough<\/span><span data-preserver-spaces=\"true\"> to buy the property.<\/span><span data-preserver-spaces=\"true\"> Amazon stepped in with a $378 million loan, and the WHC was able to close on the property within two months. Crystal House Apartments will be affordable to below-AMI residents by 2026.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">WHC director Kimberly Driggings recently reiterated her support of Amazon\u2019s housing efforts to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-18\/in-dc-seattle-and-nashville-amazon-adds-1-4-billion-to-housing-pledge\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bloomberg<\/span><\/a><span data-preserver-spaces=\"true\">: \u201cWe <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> need the corporate sector to dial in\u2026.<\/span><span data-preserver-spaces=\"true\">We rely on the government <\/span><span data-preserver-spaces=\"true\">so<\/span><span data-preserver-spaces=\"true\"> solve housing affordability, and we\u2019re never going to solve it only looking at that one area.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The fact is that Amazon\u2019s strategy of jumping in fast works. Piecing <\/span><span data-preserver-spaces=\"true\">together<\/span><span data-preserver-spaces=\"true\"> funding for affordable housing projects can take many months\u2014sometimes years. Some forms of funding have a lot of restrictions. <\/span><span data-preserver-spaces=\"true\">Local housing advocacy groups <\/span><span data-preserver-spaces=\"true\">simply<\/span><span data-preserver-spaces=\"true\"> would miss out on these projects without Amazon\u2019s help.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Finally, Amazon\u2019s housing efforts so far got another thing right: The company hired local staff who know the housing markets they\u2019re operating in and, especially in its Washington state branch, \u201ceschewed using a fund managed by an outside entity; instead, its leaders made deals directly with local developers,\u201d according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theguardian.com\/us-news\/2023\/sep\/08\/us-affordable-housing-corporations-amazon-low-interest-rates\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">an article in <\/span><\/a><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.theguardian.com\/us-news\/2023\/sep\/08\/us-affordable-housing-corporations-amazon-low-interest-rates\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the Guardian<\/span><\/a><\/em><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Limitations and Controversies<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Here is where things get a bit more controversial. While Amazon has made a considerable effort to become part of the local housing landscape, critics <\/span><span data-preserver-spaces=\"true\">are arguing<\/span><span data-preserver-spaces=\"true\"> that it\u2019s done this in part as a damage control strategy.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">There is an important fact that positive<\/span><span data-preserver-spaces=\"true\"> assessments of Amazon\u2019s affordable housing venture do not point out.<\/span><span data-preserver-spaces=\"true\"> Amazon only got involved in affordable housing following complaints from <\/span><span data-preserver-spaces=\"true\">local<\/span><span data-preserver-spaces=\"true\"> residents that its hubs were bringing in too many corporate workers, who were driving up local housing prices and exacerbating gentrification.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The \u201cAmazon effect\u201d is <\/span><span data-preserver-spaces=\"true\">real<\/span><span data-preserver-spaces=\"true\">. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/news\/trends\/reassessing-the-amazon-effect-on-home-prices-in-one-u-s-metro-area\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Realtor.com<\/span><\/a><span data-preserver-spaces=\"true\">, home prices in Arlington, Virginia, spiked 17% between Amazon\u2019s announcement of its HQ2 in 2018 and the first quarter of 2020. The increase in the national median at that time was 5.5%.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The other lesser-known fact about Amazon\u2019s involvement in its three main areas is that they\u2019ve never been purely altruistic. The corporate giant receives substantial <\/span><span data-preserver-spaces=\"true\">amounts in<\/span><span data-preserver-spaces=\"true\"> tax breaks and incentives from these areas. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/goodjobsfirst.org\/amazon-tracker\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Good Jobs First<\/span><\/a><span data-preserver-spaces=\"true\">, Amazon got almost $1 billion from Virginia, about $609 million from Washington, and $166 million from Tennessee. <\/span><span data-preserver-spaces=\"true\">The $2 billion it committed to its Housing Fund <\/span><span data-preserver-spaces=\"true\">definitely<\/span><span data-preserver-spaces=\"true\"> begins to look a bit<\/span><span data-preserver-spaces=\"true\"> less meaningful when offset by these figures.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In fact,<\/span><span data-preserver-spaces=\"true\"> some of the company\u2019s harsher critics say that the Housing Fund is little more than good PR for an organization <\/span><span data-preserver-spaces=\"true\">that has<\/span><span data-preserver-spaces=\"true\"> the resources to do <\/span><span data-preserver-spaces=\"true\">a lot<\/span><span data-preserver-spaces=\"true\"> more if it <\/span><span data-preserver-spaces=\"true\">really<\/span><span data-preserver-spaces=\"true\"> wanted to.<\/span><span data-preserver-spaces=\"true\"> As <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/boondoggle.substack.com\/p\/big-techs-affordable-housing-hustle\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Pat Garofalo<\/span><\/a><span data-preserver-spaces=\"true\"> has pointed out: \u201cPositive press is something elected officials can point to the next time a corporation comes asking for tax breaks or other favors. Anything portraying the firms as partners in the community that are giving something back rather than purely extractive entities greases the skids for the next round of handouts.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">So, it\u2019s a case of publicity and legitimization in favor of a true long-term vision. Let\u2019s also not forget that <\/span><span data-preserver-spaces=\"true\">the majority<\/span><span data-preserver-spaces=\"true\"> of Amazon\u2019s funding comes in the form of loans, not grants, which means it gets substantial returns on its involvement in affordable housing.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Finally, the question of just how affordable <\/span><span data-preserver-spaces=\"true\">is<\/span><span data-preserver-spaces=\"true\"> \u201caffordable\u201d housing hasn\u2019t really been resolved. Critics continue to point out that, despite Amazon\u2019s commitment to the missing middl<\/span><span data-preserver-spaces=\"true\">e\u2014<\/span><span data-preserver-spaces=\"true\">w<\/span><span data-preserver-spaces=\"true\">orkers<\/span><span data-preserver-spaces=\"true\"> who don\u2019t qualify for government subsidies<\/span><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">but earn between 30% and 80% of their AMI\u2014people on the lower end of that spectrum are often left out.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For example, an <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/standupnashville.org\/wp-content\/uploads\/2021\/12\/SUN-Amazon-Housing-Report.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">impact analysis report from Stand Up Nashville<\/span><\/a><span data-preserver-spaces=\"true\"> concluded that \u201cif Amazon\u2019s past practices around affordability continue in Nashville, nearly 90% of units would only be affordable to four-person households that earn between $42,150 and $67,450. Many workers in Amazon\u2019s warehouses would <\/span><span data-preserver-spaces=\"true\">themselves not be able<\/span><span data-preserver-spaces=\"true\"> to afford these homes.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">So, here it <\/span><span data-preserver-spaces=\"true\">is:<\/span><span data-preserver-spaces=\"true\"> the good, the bad, and the somewhat ugly in Amazon\u2019s affordable housing activities to date.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Will the $1.4 billion extra solve the housing affordability crisis in the company\u2019s target regions? Not even remotely. As <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.strongtowns.org\/journal\/2021\/1\/12\/amazon-housing-and-the-limits-of-philanthropy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Daniel Herriges<\/span><\/a> <span data-preserver-spaces=\"true\">insightfully pointed out<\/span><span data-preserver-spaces=\"true\">, although Amazon\u2019s investments seem like \u201cgargantuan sums of money\u2026when you <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> start doing the math, the most surprising thing is how far they <\/span><em><span data-preserver-spaces=\"true\">don&#8217;t<\/span><\/em><span data-preserver-spaces=\"true\"> go.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">To give an idea, <\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\"> total value of<\/span><span data-preserver-spaces=\"true\"> all housing in Seattle in 2019 was $776 billion.<\/span><span data-preserver-spaces=\"true\"> That does give one pause for thought.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The fundamental issue that Amazon cannot fix is not affordable housing but housing affordability. The U.S. is in the midst of a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-208\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing affordability crisis<\/span><\/a><span data-preserver-spaces=\"true\">, and it cannot be solved on any meaningful scale by injecting a bit of funding into a few housing projects, valuable as those are. \u201cWe need to stop prices from rising out of proportion to people&#8217;s ability to pay,\u201d Herriges says. This can partly be achieved by restoring housing supply <\/span><em><span data-preserver-spaces=\"true\">across the country<\/span><\/em><span data-preserver-spaces=\"true\"> to sustainable levels. But then, Amazon never said that it could or would do that.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_b4a2aa6f3de90156c8e82af9a6afdfae\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_bb061ce4a61b6ec984cbfe6893c9a0e9\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_c214a1effe968bae1644a792fa55ce02 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/amazon-puts-another-billion-into-its-housing-fund&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/amazon-puts-another-billion-into-its-housing-fund&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amazon&#8217;s housing fund is focused on creating affordable housing, but its impact is mixed.<\/p>\n","protected":false},"author":613618,"featured_media":174746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-174744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613618"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=174744"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/174744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/174746"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=174744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=174744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=174744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}