August 02, 2016
Silicon Valley is experiencing a severe housing shortage and Facebook is taking matters into its own hands—the social media king is morphing into an apartment developer.
The company announced it will build at least 1,500 units for the general public, the Wall Street Journal reports. Facebook is making this move to shore up support for its planned 6,500-employee expansion in Menlo Park, CA, by tackling the town’s overcrowding problem head on.
Under the current plan, 15% of units will be reserved for low- and middle-income families, and it’s not yet clear whether Facebook will develop the buildings itself or whether it will hire a third party. [WSJ]