Google, the tech giant, has recently made a significant investment of $500 million in a deal that aims to promote affordable housing in the San Francisco Bay Area. The investment is a part of Google’s commitment to addressing the housing crisis in the region, where skyrocketing prices have made it increasingly difficult for many residents to find affordable housing. The company has plans to utilize this investment to support the construction of approximately 20,000 new homes over the next ten years.
The remaining $1.5 billion of the deal will be allocated towards various initiatives to address the housing issue. This includes repurposing Google’s existing land holdings, currently valued at $750 million, into affordable housing developments. Additionally, the tech giant will also provide $250 million worth of land it owns as a basis for affordable housing support and $50 million to assist homelessness and displacement in the region.
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