The management of the American transnational public corporation Google has decided to invest finances in the amount of one billion dollars in the construction of affordable housing. The company plans to build over the next ten years about fifteen thousand houses, which will be located in the San Francisco Bay area.
According to information published by Google CEO Sundar Pichai on his own business blog, at least $ 750 million will be redirected to the construction of fifteen thousand homes. Money that used to go to office and commercial premises will now be directed to housing. Families with very different income levels can become owners of homes in the San Francisco Bay area – medium and even low levels cannot become an obstacle to getting their own square meters.
The remaining $ 250 million, Google intends to spend on the organization and development of an investment fund. This fund can be an aid for developers in the construction of at least five million units of affordable housing. Google management intends to address the problems of homeless people – so the company will allocate $ 50 million in subsidies to non-profit organizations that solve the above problem, as well as deal with issues of population migration.
However, experts note that the construction of Google and other technology companies located in Silicon Valley, has led to the fact that housing prices in the San Francisco Bay area have increased significantly.