Google. Today the American company did an announce extremely bold, with the planning of a colossal investment that he will make in the metropolitan area of San Francisco, and we are talking about a very large-scale project. More precisely, the people from Google announced that they will invest no less than 1 billion dollars to build several tens of thousands of houses in that area, one where real estate prices have grown uncontrollably in recent years.
Google. The company estimates that it will build around 20.000 houses for its employees, and other people in the area who cannot afford to pay the ridiculously high rents demanded by the owners in the area. Google will build 15.000 homes on land it already owns, and which has been registered for office buildings and commercial areas, but will be reused to build homes for employees of all income types.
Google. You will build TENS OF THOUSANDS of Houses with a COLOSSAL Investment
Google. Apart from that, the company will allocate a quarter of the initial investment to real estate developers who should build 5000 homes for people with low incomes. Google wants to collaborate with local authorities to eliminate the bureaucracy behind real estate projects, but considering that we are talking about a plan that stretches over a period of 10 years, it will take patience for the first houses to be actually finished.
"First, over the next 10 years, we'll repurpose at least $750 million of Google's land, most of which is currently zoned for office or commercial space, as residential housing. This will enable us to support the development of at least 15,000 new homes at all income levels in the Bay Area. Second, we'll establish a $250 million investment fund so that we can provide incentives to enable developers to build at least 5,000 affordable housing units across the market."
Google. Being one of the largest employers in the area, the American company constantly faces problems regarding the locations where some of its new employees must live. The problem won't be solved overnight, but at least Google is making big investments to solve it in the future, something I haven't heard much from other companies in Silicon Valley, which still have tens of billions of dollars in revenue every year.
Google. For now, it is not known what the houses will look like, and how accessible they will be for those who do not earn hundreds of thousands of dollars annually at the American company, so it remains to be seen what will be found.
