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Google Pledges To Invest $1 Billion To Fix Bay Area Housing Crisis

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Google Pledges To Invest $1 Billion To Fix Bay Area Housing Crisis

Google Pledges To Invest $1 Billion To Fix Bay Area Housing Crisis

Google announced a big move on Tuesday: The tech company shared that it’s investing $1 billion in developing more housing across the San Francisco Bay Area — a major part where there’s a big crisis with homelessness and a lack of affordable housing.

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In a posted announcment on their blog, CEO Sundar Pichai said that company-owned land, worth at least $750 million and primarily zoned for commercial properties, will be used to build at least 15,000 homes. In addition to that, they will include residences that middle and low-income families can afford and be constructed over the next decade. That’s not all. Google will also create a $250 million investment fund to provide incentives to builders to create at least “5,000 affordable housing units across the market.”

“As we work to build a more helpful Google, we know our responsibility to help starts at home,” Google’s CEO, Sundar Pichai, wrote in Tuesday’s blog announcement. “For us, that means being a good neighbor in the place where it all began over 20 years ago: the San Francisco Bay Area.” Pichai added, “Our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech. Solving a big issue like the housing shortage will take collaboration across business, government and community organizations, and we look forward to working alongside others to make the Bay Area a place where everyone who lives here can thrive.”

In the blog post, Google also said it will continue giving grants to groups that assist the homeless and others trying to cope with the Bay Area’s expensive housing.  

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