Google has announced that it will dedicate $1 billion to tackle the housing crisis in the San Francisco Bay area. The American tech giant promised on Tuesday that it will develop the housing area around the bay. The company has provided $18 million in grants over the last five years to help tackle the crisis in the area. The area, according to a recent study, holds the third-largest population of people who are facing homelessness in the United States. A large number of people live in RVs and vans for decades in the region. These RVs which are parked on the streets of the area also house some low-income employees from Google.
The rate of these houses has gone up over the years because of the employees from big tech companies staying there. Some of the big tech companies like Google, Twitter, Facebook, etc. are blamed for high prices. These employees have comparably better pay than what a teacher or a restaurant employee can make. This crisis has forced people to commute from far off areas to their workplaces. “Across all of this, our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech,” Sundar Pichai said in a blog post.
The company will create a residential housing area in $750 million worth of land that they own in the region. The CEO of the company, Sundar Pichai, said in a recent blog post that the land will be used to create more than 15,000 homes over a decade. The houses are expected to range for people with different levels of income. Most residents with a medium to low-level income will find more affordable homes. They are among the people who have a hard time finding affordable housing area in the Bay region.
Anyone without a good stock option is unlikely to get a house in the region. The area was previously devoted for industrial and commercial use. Another $250 million are intended on spending on creating investment funds. This is expected to create around 5,000 more homes by motivating other developers.
John is the Editor-in-Chief of Report Herald. He has an experience of 13 years in the journalism field. John writes on Science and Technology news for Report Herald.