SAN FRANCISCO (Reuters) – The shortage of housing in California’s Silicon Valley has gotten so severe that Facebook Inc on Friday proposed taking homebuilding into its own hands for the first time with a plan to construct 1,500 units near its headquarters.
The growth of Facebook, Alphabet Inc’s Google and other tech companies has strained neighbourhoods in the San Francisco Bay area that were not prepared for an influx of tens of thousands of workers during the past decade. Home prices and commute times have risen.
Tech companies have responded with measures such as internet-equipped buses for employees with long commutes. Facebook has offered at least $10,000 in incentives to workers who move closer to its offices. – READ MORE
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