Google on Tuesday pledged to commit more than $1 billion to help address the severe housing crisis it has been blamed for for years.
CEO Sundar Pichai announced the initiative, saying the internet colossus wants to be ‘a good neighbor’ in the area bursting with technology companies.
The chunkiest portion of Google’s plan is to spend $750million rezoning its current office space which it will then lease to developers and allow them to turn it into residential space.
The second part involves a $250million investment to build 5,000 affordable housing units that.
Again, Google will not be the ones building the houses – instead, it will merely supply the investment fund as an incentive for developers to create the homes.
Thirdly, it has pledged a $50million donation to homeless charities and organizations.
The move is not entirely selfless. By creating more homes near its expanding offices, the company is giving itself a better chance at attracting staff, many of whom say housing is their top concern about taking a job in the area.
It also comes after years of protests from local residents who have been pushed out of the area because of the tech boom.