Facebook Plans to Build Apartments in Silicon Valley

Silicon Valley in California is experiencing a serious housing crisis. With the expansion of large tech companies like Google and Facebook, housing prices have been pushed up and locals are being forced out of the area. Facebook has plans to expand their business property with the addition of two new buildings and a hotel. This project has many people concerned about the impact on the local housing market.

In order to help offset some of the negative effects of expansion, Facebook has decided to build apartments. They have agreed to build 1,500 units, making 15% of these available to low and middle-income tenants. The units are not specifically for employees. They are open to the public to rent. This seems to be a step in the right direction. However, it will not solve the problem entirely. Local governments are considering an extra tax for tech companies to help with the housing crisis and homeless population. This tax could possibly be avoided if more companies did their part to assist in providing a solution to the problem they created.

It will be interesting to see how tech giants and local governments tackle the housing issues in Silicon Valley. For whatever reason, this area is the headquarters of most large Internet companies. Their employees tend to have high incomes, and the demand for housing is overwhelming. It is important for businesses to take part in the community and lessen their negative impact on the natives.