Google Pledges to Invest $1 Billion to Ease Bay Area Housing Crisis [The New York Times]
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Source: The New York Times
Google Pledges to Invest $1 Billion to Ease Bay Area Housing Crisis - The New York Times SAN FRANCISCO — In 1998, Google paid $1,700 a month to rent its first office — half a home, including the garage, in Silicon Valley. What a deal. After two decades of extraordinary growth by companies like Google, prices in the area have skyrocketed, fueling a shortage of affordable housing and exacerbating inequality. A small one-bedroom apartment near the company’s current headquarters costs about $3,500 a month. Now Google, saying it wants to be a “good neighbor,” has plans to provide some relief. On Tuesday, it pledged to invest $1 billion in land and money to build homes. The company plans to repurpose at least $750 million worth of commercially zoned land it owns over the next 10 years, Google’s chief executive, Sundar Pichai, said. Google would work with local governments to allow developers to lease the land to build homes. In addition, Google plans to create a $250 million investment fu
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