The Strategist

Google to invest $ 1 billion in housing in San Francisco


06/19/2019 - 12:26



Google will invest $ 1 billion in housing construction in the San Francisco Bay area in the next ten years. The company will do so as the region’s largest employer. This was announced in the company's blog by its general director Sundar Pichai.



Vince Smith
Vince Smith
He called the problem of the lack of affordable housing for people with low and middle incomes particularly acute and difficult for the city.

Google has previously invested in construction of housing for people who live near the company's facilities. Now the firm will transfer its own land worth $ 750 million, originally intended for offices and shops, for the construction of at least 15,000 homes for families with different income levels. In total, around 2013 new homes were built in the San Francisco Bay area in 2018, Pichai recalled.

The company will also establish an investment fund and send $ 250 million in there to build another 5,000 homes at an affordable price. Google will also spend more $ 50 million on grants for non-profit organizations that deal with problems of homelessness and population displacement.

The company will continue to support plans of municipalities for the rapid construction of low-cost housing. Its goal is to achieve immediate start of projects so that housing will be available in the next few years, Pichai said. CEO of Google noted that this investment is aimed to expand opportunities for people to settle in the San Francisco Bay area, regardless of whether they are working in the high-tech industry or not, and to enable all residents of the region to succeed.

source: cnbc.com