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A coalition of businesses, philanthropies, housing advocates and community and faith leaders announced Thursday afternoon an ambitious plan to invest $540 million over the next 18 years to preserve and build affordable housing and advocate for policies to protect and construct it in the Bay Area.

The coalition, which is being called “The Partnership for the Bay’s Future,” plans to raise and invest $500 million in affordable housing and $40 million to support policymaking aimed at boosting affordable housing and helping stem the wave of people being priced out of the Bay Area. It has so far raised about $260 million for the investment fund and $20 million for the policy fund. The group will focus its efforts in San Francisco, San Mateo, Santa Clara, Alameda and Contra Costa counties.

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