After conquering the digital realm, America’s Big Tech is plotting colossal real estate projects that could house thousands of people and retail stores in the physical world.
Google-parent Alphabet Inc. is in the process of building a massive 153-acre neighborhood near its Mountain View, California, headquarters.
The complex will feature more than 7,000 homes and roughly 300,000 square feet of retail and community spaces.
Meanwhile, Facebook owner Meta was recently approved for a 59-acre housing project dubbed “Zucktown.” It will feature 1,700 residential units, a hotel, offices, and retail space not far from Meta’s headquarters.
Amazon is taking a slightly different approach after selecting Arlington, Virginia, as the site of its new second headquarters, where 250,000 workers will congregate.
Rather than build homes directly, the e-commerce giant has set up a $2 billion Amazon Housing Equity Fund, which will support housing development in the surrounding regions, as well as other states.
Then there’s billionaire entrepreneur Elon Musk, who has reportedly acquired thousands of acres near Austin, Texas, to house employees of Tesla, SpaceX, and Boring Co.
Although the size, scope, and purpose of these projects vary, it seems like America’s tech giants are branching out into real estate—for better or worse.
Corporate towns: Much needed housing supply or dystopian nightmare?
One of the underlying reasons behind America’s housing affordability crisis is a severe housing shortage.
In 2022, America’s housing inventory hit the lowest on record. It has somewhat recovered since but remains well below a level that would fulfill the current demand, according to the National Association of Realtors (NAR).