Facebook to build a housing society for its employees for the first time

Facebook Incorporation has recently announced to propose home-building scheme for their employees for the first time, with a plan to construct 1,500 units near its headquarters.

Facebook has offered at least $10,000 in incentives to workers who moved closer to its offices.

Tech companies have also initiated to launch services such as internet-equipped buses for its employees with long commutes.

However, there have been complaints against the tech companies that they are making communities unaffordable, and they have mostly failed to address the area’s housing shortage.

“The problem with Silicon Valley is you don’t have enough supply to keep up with the demand,” said Sam Khater, deputy chief economist at real estate research firm CoreLogic.

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.

“Part of our vision is to create a neighborhood center that provides long-needed community services,” John Tenanes, Facebook’s vice president for global facilities, said in a statement.

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, the company said.

It is expected that the review process will take almost two years, according to Facebook Inc.

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