Facebook plans to build a small town for its employees in the background of the housing crisis.
The housing crisis in Silicon Valley, California, has become extremely acute, so Facebook is going to take the problem in its own hands and provide housing to its employees. Thus, for the first time, the company announced plans to build 1500 homes near the headquarters.
Growing big companies such as Facebook, Google, and others has put pressure on the San Francisco Bay Area neighborhoods, which are not prepared for the influx of tens or even hundreds of thousands of workers that have been here over the last decade. Rental prices exploded and shuttle times increased considerably.
Companies have responded to these issues in various ways. Buses have been equipped with internet for employees who spend a lot of time on the road, and Facebook offered $ 10,000 in bonuses to those who move closer to headquarters. Such solutions did not solve the problems, and Facebook has a new proposal.
They want to invest in Menlo Park, a town about 72km south of San Francisco. Here, the company wants to build a "village" with an area of more than 150,000 square meters of offices and retail space.
The 1500 homes will be available to other people, not just to employees, and 15% of homes will be priced below the market price, writes theguardian.com. The company expects the whole process to take about two years.
The Mayor of Menlo Park has raised his concerns about trafficking, and the city planning department of the city will be studying the issue. However, the mayor says Facebook plans are in line with the city's long-term plans, India writes
And Alphabet, Google's parent company, approached the issue in a similar way, buying 300 modular apartments to host short-term employees.