The company will transfer land worth 750 million dollars for the construction of at least 15 thousand homes for families with different incomes.
Google is investing a billion dollars in housing in the San Francisco area. The company has promised to do this as the largest employer in the region. This was announced by its CEO Sundar Pichai.
The company called an acute and difficult issue with the affordability of housing in the region. To solve this problem, Google will transfer its land worth $ 750 million, intended for office buildings, for the construction of at least 15 thousand houses. The company clarified that the future housing will be available for families with different levels of wealth.
Google will also create a fund in the amount of $ 250 million to encourage developers to build at least five thousand homes. Another 50 million dollars in the form of grants will be able to receive non-profit organizations that deal with the problems of homelessness and population displacement.