Economics
Google Pledges $1 Billion to Tackle Bay Area Housing Crisis
- Tech giant to repurpose $750 million of land for new homes
- Silicon Valley homes are the most expensive in the country
Sundar Pichai
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Google pledged $1 billion over the next 10 years to try to address an affordable housing crisis in California’s Bay Area.
The tech giant will re-purpose $750 million of its own land for residential use, allowing the development of at least 15,000 new homes, Chief Executive Officer Sundar Pichai said in a blog post on Tuesday. Another $250 million will go to incentives for developers to build at least 5,000 affordable housing units.