Google pledges $1 billion for housing crisis in San Francisco

Google on Tuesday pledged to commit more than $1 billion to help address the severe housing crisis in the region that includes its headquarters and Silicon Valley. Chief executive Sundar Pichai announced the initiative, saying the internet colossus wants to be "a good neighbor" in the area bursting with technology companies. The move comes with Silicon Valley firms under pressure over the spike in real estate prices, lack of affordable housing and growing homeless problem in the San Francisco Bay region. The region has attracted thousands of highly paid tech workers that has strained the housing supply and led to an explosion in prices. Pichai said Google had previously invested in housing in areas where it has operations.