Facebook is form near on its hope to build affordable housing near its headquarters in Menlo Park . The societal mass medium giant announced plans on Friday to construct new trapping in the domain to countervail concerns about the controversial1.1 million straight - footexpansion of its home office .
“ This is what our neighbors have tell us their community needs most desperately , ” Facebook said in astatement . The company is spend $ 20 million in Menlo Park and East Palo Alto , California , two areas near the caller ’s headquarters , to build housing and provide line of work training programs in partnership with Envision Transform Build - East Palo Alto ( ETB ) and other residential district chemical group . A large absolute majority of the money ( about $ 18.5 million ) will be used to progress new homes for low- and medium - income families .
Facebook declare it would be build up affordable living accommodations in the orbit back inJuly . The social media giant is set to bestow in 6,500 young employee into the area after building a one million - square - invertebrate foot expansion of its HQ . The company has already been criticized for driving up veridical estate prices and get out those who ca n’t give rent . The new homes will assist offset those business organization .
The affordable living accommodations undertaking can be described as an aggressive atomic number 59 attempt to sway public view in the realm . Facebook hop to win over local the company does not aggravate income inequality in areas it develop existent estate .
Facebook has been embroiled in a debate about income inequality near its HQ for several years . This January , theWorld Bank publisheda damning report claiming the largest technology companies increase income inequality rather than avail it . Mark Zuckerberg acknowledge that the technology industry has made the Bay Area a less low-priced spot to live in a Facebookpost .
detail about the new caparison development are still scarce — but it ’s safe to say $ 20 million should be enough to ramp up hundred of units at an affordable cost . The literal question is whether the new homes will be enough to combat income inequality in the area for years to come .
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