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Mackenzie Scott on a Mission To Battle Unaffordable Housing in California

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Mackenzie Scott on a Mission To Battle Unaffordable Housing in California
Source: Pinterest

Mackenzie Scott on a Mission To Battle Unaffordable Housing in California

Source: Pinterest

Mackenzie Scott is the billionaire ex-wife of Amazon founder Jeff Bezos. Since she gained enormous fortune from her divorce, Scott has made it her mission to help several sectors and organizations worldwide.

Her most recent quest focuses on combating California’s affordable housing crisis.

Mackenzie Scott, the Gift That Keeps Giving

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The celebrity ex-wife, renowned for her philanthropic endeavors, continues to channel her wealth toward societal betterment. Since her divorce, Scott has shared a significant portion of her wealth with several non-profit organizations and charities worldwide. 

Her dedication to philanthropy has helped millions of people around the world and donated to charities as well.

Generous Contributions to California's Non-profits

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Scott’s latest focus is tackling the problem of California’s unaffordable housing. She made an “unexpected gift” of $15 million to Century Housing in Culver City. The California-based non-profit organization finances, builds and operates multi-family rental housing throughout the state. 

In September, Scott also made a $8 million gift to BRIDGE Housing and a $20 million donation to the San Francisco Community Land Trust.

The Homeownership Challenges in California

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Due to the presence of many celebrities in California, housing rates are very high. Therefore, the dream of homeownership in California remains elusive for the majority. 

Only 16% of its residents qualify to purchase a median-priced single-family home. For cities like San Francisco, where average home prices surpass $1.2 million, ownership is beyond reach for many.

Urgent Response to Southern California's Rent Crisis

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Scott’s donation to the California-based non-profit organizations is a very timely intervention. This is because it came when there was a significant need to respond to the housing problem. 

For example, the average monthly rent in Los Angeles, exceeding $2,700, poses a significant challenge for many residents. This is relatively high as many Americans need help to afford this.

Why Did Mackenzie Scott Donate to Century Housing?

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Still, in the interview with Fortune Magazine, the spokesperson talked about their plans for the massive donation.

They said, “We will use this remarkable gift to increase the supply of affordable housing in SoCal through our investments and developments, working with our many partners to provide housing security for more residents—and to ultimately build more equitable, thriving communities.”

Century Housing's Multi-Faceted Role in Housing

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Century Housing was founded on July 26, 1995, by Ronald Griffith. Over its history, the organization has assisted residents in achieving homeownership. 

Their target is an average of 50% of California’s median income level (AMI).  Scott’s generous $15 million donation empowers the organization to expand its efforts, fostering affordable housing initiatives and ensuring housing security for more residents.

Century Housing's Financial Initiatives for Diverse Communities

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Century Housing has a financial arm called Century Housing Corporation. This branch actively supports developers engaged in creating affordable housing for low-income residents and workforce housing for those with moderate incomes. 

Some of their notable projects include 231 Grant in Palo Alto and a 131-unit development in Petaluma. Both projects were highly successful and helped hundreds of people over the years.

Century Housing's Financial Initiatives for Diverse Communities

Source: Pinterest

Century Housing has a financial arm called Century Housing Corporation. This branch actively supports developers engaged in creating affordable housing for low-income residents and workforce housing for those with moderate incomes. 

Some of their notable projects include 231 Grant in Palo Alto and a 131-unit development in Petaluma. Both projects were highly successful and helped hundreds of people over the years.

Educational Workforce Support Through Housing

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Initiatives like 231 Grant precisely target Bay Area educators, providing 110 affordable housing units. Therefore, Century Housing’s role in the community cannot be taken for granted in its commitment to addressing the housing needs of vital workforce segments while contributing to community development.

In addition, this promotes the availability of housing options to people who make an average income, unlike celebrities.

The Giving Pledge by Mackenzie Scott

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In 2019, Scott pledged to the world of philanthropy to give the majority of her vast wealth to good causes. Since then, Scott has donated an astonishing $14 billion to over 1,600 non-profit organizations and universities. 

Despite her remarkable donations, her net worth still remains substantial at $38.1 billion! According to her, most of this will also go into philanthropic activities.

What inspires Mackenzie Scott's Philanthropy?

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The multi-billionaire’s philanthropic journey shows how great a person she is. Her journey is inspired purely by her innate passion for helping others. 

In a speech given in December 2021, Scott mentioned where her desire to give comes from. According to her, her generosity stems from a profound belief that each act of giving holds unforeseen and enduring value.

The Generosity of Mackenzie Scott

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McKenzie’s generosity has touched thousands of lives in one way or another. She is a beacon of light in the world of philanthropy and is always willing to help in difficult times. 

She also encourages individuals to act on their philanthropic impulses at all times. 

In her words, “If you think you know how much