Tech giant Google is pledging $1 billion to help ease the housing shortage crisis that is affecting many workers in the Bay Area. This marks the largest single commitment from a tech company to fight such a crisis, according to National Mortgage News.
"For several months, we have encouraged Google to make a bold commitment to address our region's affordable housing challenge," San Jose Mayor Sam Liccardo said in a statement to this news organization, according to NMN.
"We look forward to working with Google to ensure today's announcement manifests itself into housing that will benefit thousands of San Jose residents struggling under the burden of high rents."
Google has plans to create a campus in downtown San Jose for between 15,000 and 20,000 employees, showing why it would make sense for the company to commit such a large investment in helping to combat the housing crisis.
"Aimed at freeing up land for 15,000 homes, this process could take up to 10 years. Google would work with cities to rezone land that is mostly designated for office or commercial uses," according to the report.
"The tech titan also will create a $250 million investment fund that will enable developers to build at least 5,000 affordable housing units across the region, according to the blog post from Sundar Pichai, Google's chief executive officer."
To learn more about this unprecedented contribution and how it will impact the housing shortage in the Bay Area, click on the image above.