Billionaire Philanthropist MacKenzie Scott Continues Generous Donations to Tackle SoCal’s Skyrocketing Housing Crisis

MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, continues to make generous donations to various causes. Her latest focus is combating the affordable housing crisis in California. In her most recent donation, Scott surprised Culver City-based Century Housing with a gift of $15 million. Century Housing is a nonprofit organization that finances, builds, and operates multi-family rental housing throughout the state. This donation comes at a time when the cost of rent is consuming a significant portion of Southern California residents’ earnings. According to RentCafe, the average monthly rent for a Los Angeles apartment is over $2,700, which is nearly 60% of the average monthly earnings of a U.S. adult.

Century Housing plans to use Scott’s gift to increase the supply of affordable housing in Southern California. Their spokesperson emphasized the urgency of their work, as rising rents are putting more Californians at risk of housing instability, particularly the working poor and seniors. The organization aims to provide housing security for more residents and build more equitable communities.

Affordable homeownership is also out of reach for many Californians. Only 16% of residents qualified to purchase a median-priced single-family home during the second quarter of this year, according to the California Association of Realtors. The average home price in San Francisco exceeds $1.2 million, making homeownership a distant dream for most.

Century Housing historically supports rental projects for residents earning around 50% of the area median income level. Scott’s unrestricted donation will enable the organization to invest in more affordable housing projects, such as the permanent supportive housing site at 1064 Mission Street in San Francisco and the supportive housing project called Red Tail Crossing in Los Angeles.

In addition to rental housing, Century Housing Corp. also provides loans to developers of affordable housing for low-income and moderate-income residents. These projects cater to individuals who do not qualify for subsidized housing. For example, they are working on a 110-unit affordable housing project in Palo Alto for Bay Area educators and a 131-unit project in Petaluma for residents earning at or below 30% to 60% of the area’s median income.

Since pledging to give away her wealth in 2019, Scott has donated over $14 billion to more than 1,600 nonprofit organizations and universities. Despite her philanthropy, her net worth remains at $38.1 billion, according to Forbes. Scott’s giving is driven by her impulse to help others, and she believes that the impact of generosity goes far beyond what we can imagine or witness in our lifetimes.

Overall, MacKenzie Scott’s ongoing generosity is making a significant difference in combating the affordable housing crisis in California and supporting various causes across the country.