Google says it will invest $1 billion to address the housing shortage in Silicon Valley. The company plans to invest the money over the next 10 years to build about 20,000 units of housing.
The company will make the investment in three primary ways. It plans to repurpose $750 million of Google-owned land, most of which is currently zoned for office or commercial space, for residential housing.
The company will also establish a $250 million investment fund to provide incentives to developers to build at least 5,000 affordable housing units. And third, Google will give $50 million in grants through Google.org to nonprofits focused on homelessness and displacement.
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