Google pledged $1 billion over the next 10 years to try to address an affordable housing crisis California’s Bay Area. From a report: 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. The success of Google and other Silicon Valley technology companies has contributed to massive housing cost increases in the San Francisco Bay Area. The firms employ tens of thousands of high-earners who have bought or rented homes, leaving fewer options for poor and middle-income residents. Meanwhile, the supply of new houses and apartments has not kept up with demand.
Read about hundreds of Silicon Valley residents living in RVs to make ends meet. “Our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech,” Pichai said. He noted that just 3,000 homes were built in the South Bay area last year. Silicon Valley is the most expensive housing market in the country, with a median existing-home price of $1.2 million. The San Francisco and Oakland metro area is second with a $930,000 median, according to the National Association of Realtors.