Facebook Takes Silicon Valley Housing Shortage Into Its Own Hands
The shortage of housing in California’s Silicon Valley has gotten so severe that Facebook Incorporated has proposed taking homebuilding into its own hands. According to Reuters, the company on Friday announced is is constructing 1,500 units near its headquarters. The company says it wants to invest in Menlo Park, the city it moved to in 2011, some 45 miles south of San Francisco. The company said it wants to build a “village” that will also have 1.75 million square feet of office space and 125,000 square feet of retail space. The 1,500 Facebook housing units would be open to anyone, not just employees, and 15 percent of them would be offered at below market rates.
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