Facebook has announced Friday plans to transform its Silicon Valley headquarters campus into a “mixed-use village” complete with retail shops and 1,500 homes.
The company is set to create a purpose-built village, including supermarkets, swimming pools and a visitors’ centre, near its offices in Menlo Park, California.
Tech companies in the San Francisco Bay area have long been blamed for making the area unaffordable and workers endure long daily commutes.
Housing prices have reportedly rocketed as workers flock to the area; putting pressure on transport infrastructure and a limited housing supply.
“The problem with Silicon Valley is you don’t have enough supply to keep up with the demand,” said real estate economist Sam Khater via Eagle Radio.
John Tenanes, Facebook’s vice president for global facilities wrote in a blog post that the plan for homes is part of the social network’s vision “to create a neighborhood center that provides long-needed community services”.
“This is only the beginning. Going forward, we plan to continue to work closely with local leaders and community members to ensure Facebook’s presence is a benefit to the community. It’s one we’re lucky to call home,” he added.