The housing crisis in the San Fransico Bay Area has always been a controversial topic. Google said that it will invest $1 Billion to repurpose the land which is full of commercial buildings into residential housing. Many of the former residents have protested against the transformation of the area into technology investment and Google also has been part of the targeted company.
To release it from the subject of the protest, Google has come up with a remedy od investing $1 Billion repurposing its own commercial real estate for residential purposes. This will lead to new at least 15,000 in the Bay area. In the blog, CEO Sundar Pichai said, In addition to the increased supply of affordable housing these investments will help create, we will give $50 million in grants through Google.org to nonprofits focused on the issues of homelessness and displacement. This builds on the $18 million in grants we’ve given to help address homelessness over the last five years, including $3 million we gave to the newly opened SF Navigation Center and $1.5 million to affordable housing for low income veterans and households in Mountain View.”
Google also said that it will also establish an investment of $250 Million that can provide incentives to enable developers to build at least 5,000 affordable houses across the market. He says that it’s not the only way they’re investing in the market. They are building community spaces for non-profit organizations and also providing transport taking off 9,000 employees cars per day.