Easing the housing crisis in Silicon Valley: Facebook will invest $1 billion to build a house after Google

After Google, Facebook also pledged $1 billion to ease the housing crisis in Silicon Valley.
On October 22, Facebook released an article by its chief financial officer, David Wehner, saying the company promised to work with the California state government to invest $1 billion to help build more affordable homes. The money will be used to build 20000 new homes, "to help essential workers, such as teachers, nurses and emergency workers, live closer to communities that depend on them," it said
This article introduces Facebook's investment plan for the next 10 years, including $250 million in cooperation with the California government to provide multi income housing on the state-owned land with scarce housing; $150 million in building affordable housing in the bay area, including housing for the homeless; and the company's previous purchase in menlopa Menlo Park's $225 million worth of land is used to build housing for multiple income earners; $25 million is used to build housing for essential workers such as teachers on public land in the suburbs of San Mateo and Santa Clara; and an additional $350 million is committed to ensure the effective implementation of these initiatives.
Facebook's commitment follows Google's $1 billion plan to ease housing tensions in Silicon Valley.
Google announced on June 18 that it would release $750 million worth of land for housing development, while providing $250 million to encourage housing developers to build affordable housing. Google expects the company's contribution to create a total of 20000 new homes over the next 10 years.
With the rapid expansion of large technology companies such as Facebook and Google in the past decade, tens of thousands of high paid technology practitioners have come to work in Silicon Valley, California, the United States, which has increased the cost of living in the bay area and exacerbated the local housing crisis.
Facebook and Google both have tens of thousands of employees, many of whom are contract workers, who are increasingly unable to afford accommodation near large technology companies' parks, or even live in remote areas, the technology website theverge reported on the same day. These employees include security guards, catering staff, cleaners and other part-time contract workers.
In the summer of 2019, the median rent in San Francisco hit a record high, and the price of a one bedroom apartment rose to $3720, according to the US real estate media, cubed. At the same time, the median price of single family homes reached $1.7 million. Over the years, the housing crisis in San Francisco and areas where large technology companies are located, such as Palo Alto and mountain view, has infiltrated into neighboring areas, making living costs in Oakland and other areas of East Bay increasingly high.