Google plans to invest $1bn in the San Francisco Bay Area's housing sector over the next decade. The move is designed to tackle the growing shortage of homes in the region, which many people have blamed on the rapid growth of the tech industry. In a blog post, Google's chief economist, Hal Varian, said that it was "investing heavily in affordable housing" and would be building more than 1,000 units by 2020. The company will also invest $250m in an incentive-based fund designed to encourage developers to build affordable housing.
Google plans to invest $1bn in the San Francisco Bay Area's housing sector over the next decade. The move is designed to tackle the growing shortage of homes in the region, which many people have blamed on the rapid growth of the tech industry. Google will build 15,000 new homes, designed for a range of income levels, by repurposing $750m of commercial real estate for residential purposes. The company will also invest $250m in an incentive-based fund designed to encourage developers to build affordable housing.