Cisco Systems Donates $50 Million To Tackle Homelessness In California

Cisco Systems Donates $50 Million To Tackle Homelessness In California

Cisco Systems Inc., the Internet gear maker, this week declared that it will give $50 Million for the course of 5 Years to tackle the increasing issue of homelessness in Santa Clara County of California and is cheering other companies of Silicon Valley to make analogous efforts.

Cisco Systems Donates $50 Million To Tackle Homelessness In California

Chuck Robbins, the Chief Executive of the company, in a blog post, claimed that individuals in the San Francisco Bay Area are aware that homelessness has crossed a crisis stage, costing the nation (where most of the tech firms are located) $520 Million each year.

“Although homelessness appears inflexible, I think that it is a resolvable problem,” Robbins claims. “I also believe extremely strongly that we have a chance and a duty to take some action against it.”

Booming economy of Northern California has been powered by the tech segment. But the arrival of employees paired with years of under-building has resulted in a historic shortage of reasonably priced housing all over the San Francisco Bay Area. This condition is now persistent all across Silicon Valley.

The average rent in the metro area of San Jose is $3,500 each month, but the average salary is $19 for each hour in health care support and $12 for each hour in food service, an amount that will not even wrap housing prices. The least yearly salary required to live contentedly is $87,000 in San Jose, as per a research by GoBankingRates, the personal finance website.

The donation by Cisco will go to Destination: Home. It is public-private joint venture that aims on getting homes for the homeless. This donation comes as the initial measure in tackling other issues associated to addiction, health, joblessness, and family estrangement. Apart from financing housing, the donation will also assist enhance information collection related to homelessness services so cash is invested more professionally.

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