Amazon to spend $2 bln on affordable housing

Amazon on Wednesday said it would spend $2 billion to create affordable homes in areas where three of its major U.S. employment hubs are located.

The goal? At least 20,000 affordable housing units in the Puget Sound area of Washington State, Arlington, Virginia - where there are plans for another Amazon hub - and Nashville, Tennessee.

Amazon.com said a large chunk of its investment will be through low-cost loans to preserve or build housing for moderate-to-low income families.

Amazon and other tech companies have faced criticism in recent years for driving up home prices in places like San Francisco, due to an influx of tech workers.

Facebook and Google have invested in affordable housing too - attempting to ease the strain on neighborhoods flooded with employees.