Google promises $1 billion to help fix Bay Area housing crisis it helped create [Los Angeles Times (CA)]
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Source: Los Angeles Times
Google promises $1 billion to help fix Bay Area housing crisis it helped create Google is pledging to invest $1 billion to develop housing in and around Silicon Valley, where the success of the search giant and its competitors has contributed to soaring home prices. Over the next decade, the company plans to lease to developers $750 million worth of land it owns in the San Francisco Bay Area to be developed into at least 15,000 new homes. “As we work to build a more helpful Google, we know our responsibility to help starts at home,” Chief Executive Sundar Pichai said in a blog post Tuesday. “For us, that means being a good neighbor in the place where it all began over 20 years ago: the San Francisco Bay Area.” Adding homes will increase supply, but it won’t fix the region’s problem. Cities have long failed to allow enough housing to be built to meet the demand created by a rush of workers entering the area. “If [Google] were to build five times that amount — 100,000 units over the nex
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