Google will invest US $ 1,000 million in housing construction
The Internet giant seeks to help solve the shortage of housing for the inhabitants of the middle and lower classes of Silicon Valley
The lack of housing among lower income sectors, including the middle and lower classes has led Google, the giant of Silicon Valley, to invest a millionaire sum in the construction sector.
Recently, it was learned that the company based in California wants to contribute in the solution to shortage of housing, thus it has decided to invest US $ 1 billion in the next decade for the construction of some 20,000 new homes for low-income families.
“As part of the investment, the technology giant said it would readapt its lands in Mountain View, San Francisco, Sunnyvale and San Jose – currently commercial spaces valued at US $ 750 million – for the construction of 15,000 homes.“
Additionally, Google will create a fund with US $ 250 million that will serve to encourage companies in the construction sector to create at least 5,000 more homes. The plan plans to develop 2,000 additional homes per year. To the effort of Google would be added that of the municipalities that in 2018 saw the construction of some 3,000 homes south of Silicon Valley.
Sundar Pichai, CEO of Google, said in a blog: “In the coming months we will continue to work with local municipalities to support plans that allow homebuilders to build quickly and economically.” He also stressed that the objective of the company is “to begin the construction of housing immediately and that houses are available in the coming years.”
M.Pino
Source: CNET.com
