Pacaso pledges at least $100,000 to North Bay affordable home developer Burbank Housing
Pacaso, a fractional homeownership startup company whose business model has caused uproar in Napa and Sonoma counties, has pledged at least $100,000 to North Bay affordable housing developer Burbank Housing to provide free credit monitoring services for its low-income tenants.
Founded in late 2020, Pacaso has caused concerns among area residents worried about vacation homes popping up in their neighborhoods, leaving fewer single-family houses for local residents.
The company is in the midst of a lawsuit against the city of St. Helena, which has banned its fractional homeownership model, citing an ordinance prohibiting timeshares. Pacaso disputes that its properties are timeshares.
In June, the company made a commitment to only acquire homes in Napa and Sonoma counties valued at more than $2 million. Starting in August, for each Pacaso home sold, the company said it will donate $20,000 to local housing nonprofits through 2022.
Pacaso said Burbank Housing will be the main beneficiary of those donations, receiving a minimum of $100,000 overall.
The Sonoma Index-Tribune contributed to this report.
You can reach Staff Writer Ethan Varian at firstname.lastname@example.org or 707-521-5412. On Twitter @ethanvarian.
Housing and homelessness, The Press Democrat
I've lived in California for most of my life, and it's hard for me to remember when the state hasn't been in a housing crisis. Here in Sonoma County, sharply rising housing costs and increasing homelessness are reshaping what was long considered the Bay Area’s “affordable” region. As The Press Democrat’s housing and homelessness reporter, I aim to cover how officials, advocates, developers and residents are reacting to and experiencing the ongoing crisis.