A dazzling ski destination in Colorado has received a $100 million boost to combat the soaring rental costs that threatened to displace locals.

Steamboat Springs, a charming town nestled in the Rocky Mountains, witnesses an average home price of $1.42 million, with monthly rents skyrocketing to over $3,500.

This surge in property demand followed the pandemic, as remote workers and buyers of second homes flocked to the area, pushing prices higher, reports Axios.

Located approximately 156 miles from Denver, the town prides itself on its ski resort and has been the residence of billionaire Mark Stevens since 2020.

The 65-year-old Stevens, a Silicon Valley venture capitalist with a net worth exceeding $10 billion, amassed his wealth as a partner at Sequoia Capital, which invested in tech giants including Google, PayPal, and LinkedIn, according to Forbes.

After announcing his commitment to philanthropy in 2019, the billionaire has continued to make good on his promise by purchasing two apartment buildings in Steamboat Springs and making them available exclusively to community workers at affordable rates.

The Riverview apartment buildings were bought by 970 Steamboat LLC, linked to Stevens’ firm, S-Cubed Capital, for $95.3 million in September, according to the Colorado Sun.

Each unit was worth more than $916,000 at its purchase, but it was announced that the rent would be well below market value.

Those eligible to move in need at least one household member who works 30 hours or more per week in Yampa Valley and has income equal to or higher than twice the monthly rent.

Billionaire Mark Stevens purchased two apartment buildings for local workers of Steamboat Springs, Colorado to have affordable housing 

The small town sits roughly 156 miles away from Denver 

Anna Allsberry, a school counselor and volleyball coach at Steamboat Springs High School, had her rent drop from $3,100 to $2,050 after she was approved for a two-bedroom, two-bath apartment at Riverview, according to Realtor.com.

‘The prices seemed too good to be true,’ said Allsberry to the outlet. ‘A lot of people even thought it was some kind of scam.’

She added that housing in Steamboat is an issue and that it’s gotten worse since she moved back from college.

‘It’s been a struggle to find anything appropriately priced,’ said Allsberry.

Riverview is designed to support locals who make Steamboat thrive, just as the school counselor does, by offering comfort, convenience, and connection, according to the apartment’s website.

One of the buildings is a 64,000-square-foot development on about an acre of land, and another is a 42,000-square-foot building on a half-acre.

Stevens noted on his blog that he and his wife, ‘are proud to join Warren Buffett, Bill and Melinda Gates, and the others who have committed to the Giving Pledge.’

‘My wife, Mary, and I feel very fortunate and blessed that we find ourselves, at a relatively young age, to be able to give our time, treasure, and talent to a variety of philanthropic organizations in a substantial manner.’

Steamboat Springs is roughly 156 miles away from Denver

The billionaire added that he grew up in a middle-class home where commitment, hard work, strong values, and common sense framed the foundation of his early years.

Stevens explained how philanthropy was passed down to him, ‘My mother, Carmela Stevens, had a great saying, “You can’t take it with you.”‘

The billionaire had also made a significant purchase in 2020, buying up a 562-acre ranch purchased for a future family home and conservation, according to Steamboat Pilot and Today.

Stevens told the outlet that Steam bout is ‘as close to permanent as it can be,’ when speaking about his residency.