Google has rolled out a $1 billion plan to develop housing in the San Francisco Bay Area, a corner of the country struggling with homelessness and a lack of affordable housing.
CEO Sundar Pichai said in a posted announcement that company-owned land, worth at least $750 million and primarily zoned for commercial properties, will be used to build at least 15,000 homes. They will include residences that middle and low-income families can afford and be constructed over the next decade.
Google will also create a $250 million investment fund to spur builders to create at least 5,000 affordable homes throughout the area.
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“Across the region, one issue stands out as particularly urgent and complex: housing,” Pichai said. ” The lack of new supply, combined with the rising cost of living, has resulted in a severe shortage of affordable housing options for long-time middle and low income residents.”
The median price of a home in San Francisco is $1.2 million.
Google says that it will also continue giving grants to groups that assist the homeless and others trying to cope with the Bay Area’s expensive housing.
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