"Google commits $1 billion to build housing" (GOOG)

From MarketWatch:

Alphabet Inc.'s Google said it would commit $1 billion to boost housing construction in the San Francisco Bay Area, the latest in a series of commitments by tech companies to address an affordability crisis in the region.

Google Chief Executive Sundar Pichai announced the moves Tuesday in a blog post in which he said the commitment will include the repurposing of $750 million of company-owned land from commercial to residential use on which an estimated 15,000 units will be built, across all income levels.

Google will also create a $250 million fund for loans and other types of financing. The funds will go to developers to help them preserve affordable housing and build new homes, including at least 5,000 new below-market-rate units, Mr. Pichai said.

"As we work to build a more helpful Google, we know our responsibility to help starts at home," the CEO wrote. The company will also give $50 million through its charitable arm, Google.org, to nonprofits working to address homelessness and displacement, he said....

....MORE