SAN FRANCISCO (May 03, 2018) – Technology company Stripe is announcing a $1 million contribution to California YIMBY, an advocacy organization dedicated to expanding California’s housing supply. The donation will support California YIMBY’s efforts to increase the rate of home building in California from 80,000 units per year to 500,000 units per year.
Over the past 40 years, California has built new homes at less than half the rate needed to keep pace with population growth, according to the State Housing and Community Development Department and the nonpartisan Legislative Analyst’s Office. San Francisco ranks among the most unaffordable cities in the United States¹. Median house prices in the city have soared to $1.6 million as demand far outstrips supply². This has created a huge rent burden, displacement, racial and economic exclusion, and increased commute lengths.
“The dearth of available and affordable housing is a significant barrier to the Bay Area’s economic progress,” said Patrick Collison, CEO of Stripe. “We’re making this contribution to California YIMBY because we think broad policy change will make the most meaningful, widespread, and long-term difference in the state’s housing crisis, by allowing developers to build more housing — specifically lower-cost, higher-density housing.”
“At Stripe, our goal is to lower economic barriers,” he continued. “Globally, that means making it easier for entrepreneurs anywhere in the world to start and run an internet business. Closer to home, we want California to remain a land of opportunity: a place where hardworking people of all backgrounds can come to pursue new jobs, start new businesses, and create better lives for their families.”
California YIMBY is a grassroots-driven advocacy organization that works to make housing more affordable and accessible to all. Backed by a growing number of local YIMBY chapters in cities across the state, California YIMBY works with legislators in Sacramento to reform rules that currently slow or inhibit the construction of urban, infill housing for all income levels.
“California’s economy is leading the United States with record growth year after year, but if our cities don’t respond with adequate housing for workers in all sectors, at all income levels, we could drive it right into a ditch,” said Brian Hanlon, president of California YIMBY. “It’s no use having a thriving business environment if our teachers, emergency workers, service providers, and others can’t afford to live here. Too many of our city leaders feel like the housing crisis is someone else’s problem. California YIMBY will help make sure all our cities understand their role in developing real solutions.”
“We know our cities have the room and the resources to solve California’s housing crisis,” said Hanlon. “With Stripe’s help and with the generous help of our 40,000 members and other supporters, we’ll be able to accelerate our progress toward making the Golden State a truly inclusive, welcoming, and affordable place to call home.”
Stripe is a global technology company that builds economic infrastructure for the internet. Businesses of every size — from new startups to public companies like Salesforce and Facebook — use the company’s software to accept online payments and run complex financial operations. Today, hundreds of thousands of companies across more than 120 countries use Stripe to start, run, and scale their businesses online.
Stripe combines economic infrastructure with a set of applications for new business models like crowdfunding and marketplaces, fraud prevention, analytics, and more. As the world’s fastest-advancing developer platform, Stripe navigates global regulatory uncertainty and partners closely with internet leaders like Apple, Google, Alipay, Tencent, Facebook, and Twitter to launch new capabilities.
Only about eight percent of commerce happens online today. Stripe wants to help more companies get started and thrive, and ultimately to grow the GDP of the internet. To learn more, visit www.stripe.com.