Business & Finance

Google Housing Commitment at East Bay Area Values $1 Billion

Google Housing Commitment at East Bay Area Values
Written by Link Blogs

Google has offices across twenty-four states of the fifty states of the USA. The main Google offices are in Mountain View, San Francisco, and San Jose. Our of these, the most valuable center is at Silicon Valley in San Francisco Bay. Now, in its east bay area google planned to invest $1 billion on Google Housing Commitment plan to build houses.

Details About Google Housing Commitment: 

Google paid $1,700/month to rent an office, half-home, and garage in Silicon Valley in 1998. Today, the real estate prices have shot up. A small one-bedroom apartment near Google in Silicon Valley costs $3,500/month.

Currently, Sundar Pichai, CEO of Google, announced as he would invest $1 billion to renovate Google’s backyard. This housing commitment, includes total of 20,000 housing units would be built in the next decade. The developers would belong to 3 major categories as follows:

  • Google’s Existing Office Space:

This area that is worth $750 million would be used to construct 15,000 housing units. This area is not enough for building 15,000 traditional homes so there is a plan for a multi-story unit.

  • Land developers for renting and selling of housing units:

Land developers would receive incentives worth $250 million for making affordable 5,000 housing units.

  • Nonprofit organization:

A nonprofit organization would get $50 million to help the homeless find shelter.

 Google’s Establishment in Mountain View: 

Google’s office in Mountain View in North Bays shore has completed transformed the town. This project includes affordable homes, transportation, parks, schools, and more. Recently, Google announced it would free 9,850 units in its Mountain View backyard. This would be for building 5,700 units as part of the Google housing commitment.

The main objective is to make money renting and selling the housing units. Also, these housing units would be sold at a profit and not at an affordable rate to employees of Google. Yet, 20% of the homes in Mountain View would be affordable to Google employees.

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