As social media becomes more prevalent and accessible in our everyday communication, it’s inevitable that social media giants like Google, Facebook and LinkedIn start to seep into a variety of different industries, including housing. The question is whether this will have a positive or negative impact on the market and how we can combat their impact to make sure our clients remain successful for years to come.
Recently, Business Insider published a feature highlighting Google’s plans to build a 3.6 million-square foot, 3-neighborhood development in Mountain View, California, a small tech-focused community near San Francisco. They hope to help alleviate the affordable housing crisis in that area, as 20% of the homes will be priced below market rate.
On the same note, Facebook has announced plans to begin construction of a village that would feature not only housing, but retail, grocery, a hotel and more. The social media giant purchased 59 acres of land in Menlo Park, California in 2015, and it was recently confirmed that this location is where the new community will be built. Once complete, the community will accommodate approximately 35,000 people.
Another social media giant, LinkedIn, has also begun dabbling in the housing market. In December, they gave $10 million to a program that works toward building affordable housing in the Silicon Valley. The project allows housing developers to access short-term loans that help them complete housing projects faster and more efficiently.
While we don’t know how large their reach in the housing industry will expand or if there will be a direct impact for our clients, it’s important to keep an eye on the housing projects being funded by these social media giants. To read more about the communities and projects, read the full Business Insider article.
All the best,