Google set to commence $1B investment to combat housing crisis

Google
FILE PHOTO: The logo of Google is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau/File Photo

Emmanuel Olanrewaju

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Emmanuel Olanrewaju

World’s foremost tech company, Google is planning to launch a $1billon investment to combat housing issues in the bay area.

The tech giant announced on Tuesday (June 18) that it’s bringing in 1 billion dollars to commence the development of 20,000 homes in the San Francisco Bay area in the next 10 years. Google also revealed that it’s going to be rezoning its own land to accommodate more housing projects in its environs.

The larger amount to finance this project will be coming from Alphabet, Google’s parent company.

In a recent blog post, Google said “over the next 10 years, it’s going to be repurposing not less than $750M of its land which is currently zoned for office and commercial uses, which will enable them to support the development of not more than 15k new homes for both middle and low-level income families in the San Francisco Bay area”.

Also, Google will be giving away $50milion worth of grants to none profit organizations who are only focused on the issues of displacement and homelessness. $250m fund projected towards incentives for developers will also be given to enable them to build 5000 affordable housing units across the markets.

According to Google, helping communities succeed over the long term and making opportunities available for everyone willing to work in tech is one of its major priorities.

Though Google is not the first tech company to invest millions into the housing crisis in the San Francisco area where the cost of living is so high. Mark Zuckerberg’s nonprofit organization is also leading an initiative to raise $500m in building 8000 homes in the next 10 years.

Many factors could still comprehend the success of Google, like cooperation from local government authorities to work on its zoning plans and other stumbling blocks from other local companies and cities. If all these foreseeable issues could be resolved then the sky is the starting point for Google in their quest to solve the housing problem in San Francisco.

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