{"id":2114,"date":"2019-06-23T13:20:16","date_gmt":"2019-06-23T11:20:16","guid":{"rendered":"https:\/\/www.dazzlepop.net\/site\/?p=2114"},"modified":"2019-06-23T13:23:42","modified_gmt":"2019-06-23T11:23:42","slug":"google-pledges-1-billion-to-address-bay-area-housing-crisis","status":"publish","type":"post","link":"https:\/\/www.dazzlepop.net\/site\/google-pledges-1-billion-to-address-bay-area-housing-crisis\/","title":{"rendered":"Google Pledges $1 Billion to Address Bay Area Housing Crisis"},"content":{"rendered":"
<\/div>\n

Over the next decade, Google plans to convert $750 million of its land from commercial to residential, paving the way for 15,000 new homes.<\/p>\n\n\n\n

Google has pledged<\/a> $1 billion to help remedy the San Francisco housing crisis.<\/p>\n\n\n\n

Over the next decade, Google plans to convert $750 million of its land from commercial to residential, paving the way for 15,000 new homes — five times the number of houses built in the Bay Area last year. Additionally, it set up a $250 million investment fund intended for developers to build 5,000 affordable housing units.<\/p>\n\n\n\n

The company also promised to make housing available to both and middle- and low-income residents and pledged another $50 million to combat homelessness. It has already changed zoning in North Bayshore, California, and is “currently in productive conversations with Sunnyvale and San Jose.”<\/p>\n\n\n\n

According to Vox, the current price of an average Bay Area home is $1.34 million with roughly a $250,000 down payment — a price too steep for many tech workers making six figures. Shortages are as problematic as pricing: only one house is built for every 4.5 jobs added, according to the Building Industry Association of the Bay Area<\/a>.<\/p>\n\n\n\n

Of course, Google and its Silicon Valley ilk are the main reason the region is in this predicament. They offer high-paying jobs, but those workers need places to live and have money to spend. They in turn drive up real estate prices<\/a> and push out those who can’t afford to spend more than $1 million on a two-bedroom ranch house in Mountain View.<\/p>\n\n\n\n

A group of San Francisco philanthropists, including Mark Zuckerburg,\u00a0plan to raise another $500 million\u00a0<\/a>to address the issue. And Microsoft made a\u00a0similar pledge earlier this year<\/a>, dedicating $500 million for affordable housing in the Seattle area.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Source: https:\/\/www.entrepreneur.com\/article\/335524<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

Over the next decade, Google plans to convert $750 million of its land from commercial to residential, paving the way for 15,000 new homes. Google has pledged $1 billion to help remedy the San Francisco housing crisis. 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