Given the housing shortage in the Greater San Francisco area and the Silicon Valley, the online giant Facebook wants to provide a billion dollars for the construction of affordable housing. The plan is to build 20,000 new apartments such as for teachers and nurses, said Facebook Financial Director David Wehner on Tuesday.
The governor of California, Gavin Newsom, said the government can not solve the housing problem on its own. It is necessary to cooperate with private companies such as Facebook.
The billion dollars will be made available within the next decade. $ 250 million will be used to build new homes on land belonging to the state of California.
In addition, on $ 225 million worth of land in the city of Menlo Park, where Facebook is based and which already belong to the Group, more than 1500 new residential units are to be built. About 350 million dollars are to be spent on housing in other parts of the country.