Google teams up with Australian developer to build homes, offices and retail space in the San Francisco Bay Area worth $15 billion. The work is expected to begin by 2021. Google along with Lendlease will work together for the next 10–15 years to reformulate landholdings of US Tech Company in San Jose, Mountain View and Sunnyvale reported by Lendlease on Thursday.
David Radcliffe, Google’s vice president for real estate and workplace services stated that the duo’s agreement will provide at least 15,000 new homes in the land.
Google already committed $750 million worth of land to build residential projects and another $250 million towards encouraging developers to build cheap housing. This tie-up is Google’s pledge of $1 billion to aid create affordable housing choices in the Bay Area.
There is a rise in housing crisis for years in Silicon Valley which is the base for world’s leading tech companies.
Critics indicate that companies like Google and Facebook with their well-paid workers led to the massive increase in property prices leading to a shortage of affordable cheap housing spread across the Bay Area and forcing out middle-income and low-income employees like teachers and restaurant staffs. In a recent survey, San Francisco alone has led to 7,000 people being homeless.
Due to this there has been a rise in Lendlease shares by 4.75% in Australia on Thursday. As more US tech companies are getting involved in regional housing bringing the project into being.
Tech giant Microsoft in January also committed to invest $500 million to affordable homes in Seattle, its headquarters. That very month, Mark Zuckerberg the COE of Facebook declares that his company and charitable foundation – the Chan Zuckerberg Initiative – were interested in partnering with local forms and organizations to gather over $500 million to provide help in the housing crisis.
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