Amazon pledges $2B across three cities

Amazon has announced $2 billion in loans and grants to secure affordable housing in three U.S. cities where it has major operations, including a Seattle suburb where the online retail giant employs at least 5,000 workers.

Amazon said it would give $185.5 million to the King County Housing Authority to help buy affordable apartments in the region and keep the rents low, the Seattle Times reported Wednesday.

Other tech companies have invested large sums recently to boost affordable housing, following years of complaints that they have worsened inequality in cities by pushing housing prices higher.

In the latest effort by Amazon, money also was directed to Arlington, Va., and Nashville, Tenn., where it has hubs. Company officials projected the $2 billion would preserve or create 20,000 affordable housing units over the next five years.