It will still be years before this new housing is ready.
Major tech companies have pledged billions of dollars in recent months toward affordable-housing initiatives in a bid to alleviate the housing crunch in places like San Francisco and Seattle, but some experts say it’s too little, too late.
“It may be too little, too late because of the time it takes to actually build more inventory,” said Daren Blomquist, vice president of market economics at real-estate marketplace Auction.com. “Even if ground was broken tomorrow on the new affordable housing being promised, that housing wouldn’t likely be available for at least another year, if not more. Meanwhile, free market forces are already at work to correct the imbalance between supply and demand.
The major tech firms have attracted scores of smaller companies to these regions — companies that want to do business with their larger competitors while also taking advantage of the pool of talent those companies draw. How tech companies could better address affordable housing — beyond money Putting money into the construction of new homes — and more importantly setting aside land for this, as many of the companies have done — is a start toward addressing the issues in these housing markets. But the companies themselves recognize more is needed.
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