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A billion dollars: Facebook wants to fight housing crisis with a lot of money


TIME ONLINE | News, backgrounds and debates

Menlo Park (dpa) - The US group Facebook wants to face the housing industry crisis caused by the tech industry in California with a billion-dollar investment.

One billion US dollars (just under 900 million euros) to flow within the next ten years in various housing projects, the company said on Tuesday (local time).

A quarter of the sum is therefore planned for a construction project with the state of California and almost as much for the construction of land, the Facebook has acquired at the site of its headquarters Menlo Park.

The group also wants to support the construction of housing for teachers and "other important workers" so that they can "live close to the communities where they work". The expansion of the tech giants and Internet companies like Facebook, Google or Apple in Silicon Valley south of San Francisco had significantly aggravated the housing market crisis there.

Thousands of skilled workers and top earners have moved into the already expensive "Bay Area" in recent years. Employees who got rich by selling company shares settled there. Real estate prices shot up, the area is hardly affordable for middle and lower income groups. As Facebook points out, the latter in San Francisco already has a family of four with a household income of $ 100,000.

Because of the scarcity of apartments but also sleep many well-paid programmers in caravans on the roadside. Lesser-educated employees and workers live far outside, and have to put up with long journey times each morning.

The Google parent company Alphabet had already put together in June a package of over one billion dollars for housing in California. US software giant Microsoft announced $ 500 million of investment in Seattle this January.

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New York Times report

Source: zeit

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