The has announced a $6.1 million gift from chair and co-CEO , to the to create new housing for formerly homeless individuals.
The gift will fund the first five years of a twenty-year lease on the Bristol Hotel, a newly renovated fifty-eight-unit single-room-occupancy hotel in the Tenderloin district. Located at 56 Mason Street, the hotel will be preserved as housing for formerly homeless people instead of being converted into market-rate units. Units in the facility will be rented as "step up housing" to persons who have been homeless and are ready to live independently, with small units renting for $500 a month, medium-sized rooms renting for $575 a month, and large rooms going for $650 a month.
"I want to thank both Mayor Breed and Marc Benioff for taking this historic step toward providing high-quality affordable housing to those who will truly appreciate it," said Tenderloin Housing Clinic executive director Randy Shaw. "With their partnership, we have preserved the Bristol Hotel as a valuable community asset that will help to transform people's lives and open up more opportunities for people trying to exit homelessness."
"Lynne and I are thrilled to join Mayor Breed and the city to make the Bristol Hotel a place where San Franciscans can work their way out of homelessness and toward independence," said Marc Benioff, who, with his wife, signed the in 2016. "It's part of our larger vision for San Francisco where every person and family has a home of their own."
(Photo credit: Kaldari, via Wikipedia Commons)