Google invests $1 billion to ease housing shortage near California headquarters

Alphabet Inc's Google announced on Tuesday it would set aside $750 million ...

FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay/File Photo

Google, which told Reuters it has 45,000 employees in the region, has been the target of local activists who for several years have said the company’s growth and high salaries have contributed to rising rents and housing shortages. They have called on Google and other Silicon Valley tech companies to invest in affordable housing and rethink expansions.

Activist group Silicon Valley Rising called Google’s announcement “a great step in the right direction.” Google told Reuters it would lease land valued at $750 million, and largely zoned for offices or shops, to construct mostly apartments and some for-sale homes for a total of at least 15,000 units.The $250 million would go toward equity and debt investments in projects preserving existing affordable housing or constructing at least 5,000 new affordable units for people of various income levels. Google said it would prioritize developments near transportation hubs by its offices.

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