The San Francisco Bay Area is famous for its high concentration of tech companies that attract the brightest and most talented engineers from across the globe. However, in recent years, the place has gained widespread notoriety for its housing crisis. The tech boom over the last couple of decades has driven housing prices to unaffordable levels, with numerous residents calling for some form of regulatory measure to alleviate the problem. It is a highly complicated issue that requires a multi-pronged approach. Google has decided to step in and do its bit for the crisis at hand by committing a whopping $1 billion to develop thousands of homes.
Large corporations have been known to contribute to the community around them but this move by Google could be one of the single biggest CSR (Corporate Social Responsibility) undertakings ever. San Francisco is one of the most expensive cities to live in and several residents and former employees who lived and worked there harbor a deep resentment towards the technology industry. Google’s plan would aid in the construction of thousands of affordable housing units over the next 10 years.
Out of the billion dollars allocated, $750 million of it are to be set aside from Google’s own commercial real estate, to be developed into affordable housing projects. The remaining $250 million would go towards working with real estate developers for constructing cheaper homes. While the exact details of the plan are not known, this move by a large tech corporation might set a precedent for others to follow.