Google announced a $1 billion commitment to ease the Bay Area’s housing crisis on Tuesday. The gift is the largest single commitment from a tech company to fight the housing shortage—in large part caused by the influx of high-income earners who work at technology titans, like Google. The company says it will spend about $750 million of the $1 billion to build housing on its own land, and wants to add about 20,000 homes across the impacted region, a plan that could take up to 10 years to complete, according to the company.
The commitment comes as Google has also announced plans to open a new campus in the city of San Jose, where 15,000 to 20,000 employees will work. The company’s rapid growth has been met with mounting pressure from government and Bay Area residents to alleviate its financial impact. “For several months, we have encouraged Google to make a bold commitment to address our region’s affordable housing challenge,” San Jose Mayor Sam Liccardo said in a statement to The Mercury News. “We look forward to working with Google to ensure today’s announcement manifests itself.”
SOURCE: The Daily Beast – Audrey McNamara