Google to Invest $1B in San Francisco Bay Area Affordable Housing

By Yana Berman

Google will invest $1 billion to build at least 15,000 new homes in San Francisco Bay Area, CEO Sundar Pichai announced Tuesday, June 18.

Google to Invest $1B in San Francisco Bay Area Affordable Housing                                 

According to Pichai, Google is currently the largest company in the area, with 45,000 Google employees residing in the Bay Area.

The company has decided to review its approach to property in San Francisco under pressure from the local communities that claim that Google’s expansion puts excessive strain on the housing market.

Pichai explained that Google will spend $750 million in the next 10 years to rezone its property, currently used for offices and other business needs, for residential use. According to CNBC, this means that Google could close its offices to enable housing development.

Another $50 million will be donated to nonprofits focused on homelessness and displacement, while $250 million more will be given to an investment fund for developers who are building affordable housing in San Francisco.

San Francisco is the 13th most populous city in the United States. As of 2016, its population was over 864,000.

The lack of affordable housing in the Bay Area has pushed out middle and low-income residents. Some critics link the ongoing crisis to the encroachment by tech companies, such as Google and Facebook, and their well-paid workers.

In January, Microsoft made a similar move to Google, investing $500 million to tackle the housing crisis in Seattle, where the company is based.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image