Google to invest $1bn to help SF housing crisis
Silicon Valley has become an innovative juggernaut in the Information and technology arena. For the most part, tech firms seem to attract growth wherever they go, and Silicon Valley has had the privilege of hosting some of the globe’s biggest names in the industry.
For that reason, Google’s decision to open new offices in San Jose and Sunnyvale should have been met with excitement. However, many natives are actually dismayed at the spectacular spikes they expect to see in housing prices.
Residents of The Bay Area have suffered under this weight for many years. Silicon Valley has attracted far too many well-paid workers. Unfortunately, no effort has been made to meet their housing demands.
As a result, as rent prices have risen, natives of The Bay Area have been forced to vacate their homes, giving way to newly wealthy tech experts in desperate need of conveniently located accommodations.
Homelessness has grown as a result. Google isn’t the first company to come under fire for the role it has played in essentially nurturing a housing crisis in the Bay Area.
However, they are definitely the first firm to pledge $1bn in response to the issue. The first stage of Google’s plan will involve repurposing $750m of their land into residential housing.
This land was previously zoned for office space. If all goes according to plan, then Google could lay the foundation from which 15,000 budget-friendly homes will eventually rise.
That does not include the $250m incentive the tech company will provide to other developers looking to build five thousand additional homes. This announcement is going to do wonders for Google’s image, especially when some of the company’s harshest critics learn that they are also throwing $50m in grants at groups that are fighting homelessness in the community.
People have spent years pushing Google to play a central role in the resolution of a housing problem it caused, and it looks like the tech giant is finally stepping up to the plate.