Facebook wants to build a village for
employees and maybe even locals but not
everyone is excited about it the company
plans to develop a mixed-use community
called Willow Campus with places to live
a grocery store transit and other
amenities in Menlo Park California of
the 1,500 dwellings Facebook builds a
15% will be priced below market value
part of its purpose is to combat the
current housing crisis and improve
infrastructure the Bay Area's in the
middle of a home shortage more and more
people are flocking there for tech jobs
but the market can't keep up in 2015 the
bay area added about 64,000 new jobs but
only around 5,000 new homes according to
a director of the Santa Clara County
Association of Realtors while Facebook's
efforts are aimed at fighting the
housing problems some point out tech
companies had a hand in perpetuating it
for example Facebook has offered
employees bonuses to move closer to the
Menlo Park office in the past but more
Silicon Valley employees moving in means
less room for locals and people with
jobs outside technology but Facebook
isn't the only tech company building
housing Google's parent company alphabet
is shelling out 30 million dollars to
build short-term abodes for its Silicon
Valley employees the mayor of Menlo Park
says the Facebook initiative is a good
thing and that other tech companies
should step up with plans to combat the
housing shortage
[Music]