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As Google expands, it's pledging $1 billion toward Bay Area housing.
Google says it wants to ease the housing problem in the San Francisco Bay Area, where the tech giant has been headquartered for the past two decades. The search giant on Tuesday said it's pledging $1 billion to help build a total of 20,000 homes in the region over the next 10 years.
Allocation - Google - Giants - Criticism - Rents
The allocation comes as Google and other tech giants face criticism for contributing to higher rents in the Bay Area. Google, which was founded in Mountain View, California, 20 years ago, has also been aggressively expanding in the area. The company has major real estate developments underway in nearby San Francisco, San Jose and Sunnyvale.
"Across the region, one issue stands out as particularly urgent and complex: housing," Google CEO Sundar Pichai wrote in a blog post. "The lack of new supply, combined with the rising cost of living, has resulted in a severe shortage of affordable housing options for long-time middle- and low-income residents."
Google - Worth - Land - Office - Space
Google said it'll repurpose $750 million worth of its land, which is currently zoned for commercial and office space, to build 15,000 residential homes. That will include housing...
(Excerpt) Read more at: CNET
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